Egypt has submitted an official request to join the BRICS economic group, the Russian ambassador to Cairo Georgy Borisenko, announced in an interview with Russian media.

Egypt has applied to join because one of the initiatives that the BRICS currently joins uses alternative currencies for trade, Borisenko explained.

Egypt is very interested in the use of alternative currencies in trade, he added.

The BRICS is one of the most important economic groups in the world, which includes Brazil, Russia, India, China and South Africa as members.

These countries represent represent about 30 percent of the size of the global economy, 26 percent of the world’s area and 43 percent of the world’s population, as well as produce more than a third of the world’s grain production.

Member states established the New Development Bank with a capital of US$100 billion to finance infrastructure projects and sustainable development in member states, as well as emerging market economies and other developing countries.

Established by BRICS countries, the New Development Bank accepted Egypt earlier as a new member, which was announced during the BRICS leaders’ summit in December 2021.

Egypt has recently become the new fourth member to the bloc, as it was preceded in September 2021, by Bangladesh, the UAE and Uruguay.