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CAIRO, Aug 25 - Egypt hopes its imminent inclusion in the BRICS bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear.
Egypt over the past few years has been mired in an economic crisis aggravated by the coronavirus pandemic and Russia's invasion of Ukraine. Egypt's supply minister said in April it was discussing with China, India and Russia using their currencies for commodities, but no deal had been reached."Its positive for Egypt to be included. Whilst in the near term the impact is expected to be limited, it could help strengthen it relationships with key EM economies."
The BRICS group on Thursday also invited Saudi Arabia, Iran, Ethiopia, Argentina and the United Arab Emirates to join.
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