Russia FM: Joining Egypt, Saudi Arabia, UAE and Algeria will promote ‘multipolarity’

FILE – Egyptian Foreign Minister holds a joint press conference with Russian Foreign Minister Sergey Lavrov and Arab League Secretary General Ahmed Abu Gheit in Moscow, Monday, April 4, 2022 – Press Photo

CAIRO – JUNE 17, 2023: Russian Foreign Minister Sergei Lavrov said that the entry of Egypt, Saudi Arabia, the United Arab Emirates and Algeria into the “BRICS” bloc “will benefit the group’s natural and objective development of a multipolar Base.”

In an interview with RT, Lavrov added: “In a way, they are all leaders of the Arab and Islamic world. This will undoubtedly enrich the BRICS countries.”

On March 30, 2023, President Abdel Fattah el-Sisi approved Decree No. 1. Resolution No. 628/2023 approved Egypt’s accession to the BRICS New Development Bank, which had approved the country’s accession in December 2021.

Egypt is the fourth non-BRICS country to join the bank after Bangladesh, the United Arab Emirates and Uruguay. The New Development Bank was established with US$100 billion to finance infrastructure and sustainable development projects in member countries and other developing countries.

Composed of Brazil, Russia, India, China and South Africa, the BRICS countries account for 30 percent of the world economy, 26 percent of the world’s surface area, 43 percent of the world’s population, and produce more than a third of food.