Egypt has officially submitted an application to join the BRICS alliance, Russia’s ambassador to Egypt Georgy Borisenko told Russian news agency TASS. “Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that,” the agency quotes Borisenko as saying.

Remember: Egypt and Russia are working to reduce the use of the USD in bilateral trade in favor of the RUB. BRICS members are considering creating a common currency that will allow them to drop the greenback.

We’re already a member of the BRICS bank: Egypt earlier this year became a member of the BRICS’ New Development Bank (NDB), a USD 100 bn multilateral lender that invests in infrastructure in its member countries.

Nearly 20 countries have recently expressed interest in joining the BRICS, including Saudi Arabia, Iran, Argentina, the UAE, Algeria, Bahrain, and Indonesia, Bloomberg reported.

AND- Egypt is no longer leadingthe Red Sea task force: Egypt’s navy turned the command of the Red Sea multinational task force over to the US Navy on 12 June, six months after taking the reins for the first time. (US Navy statement)

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