Mohamed Abdel-Hamid said joining this institution enables the country to get the bank’s support in areas such as health, infrastructure and telecommunications.imf usdollar
Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves.
“Egypt’s joining of the BRICS group’s New Development Bank will also relieve the state budget of the pressure of finding U.S. dollars to meet the country’s imports as members of the bank can use their national currencies in exchange for trade,” the lawmaker reportedly said., Egypt, which recently secured a bailout package from the International Monetary Fund , has become the third country to express interest in joining the group of five leading emerging economies known as BRICS.
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