The Clap:
Egypt aims to bag a soft loan of USD 1 billion from the BRICS’ New Development Bank (NDB) by the end of 2024 or early 2025, according to Finance Minister Mohamed Maait. The NDB, which Egypt joined in April 2023, intends to increase its investments in Egypt’s electricity and renewables sectors.
Local currency bonds in the works:
The cabinet is also studying with the lender the possibility of issuing local currency-denominated bonds with the NDB as a guarantor, Maait noted.
AND- Egypt is calling on BRICS members to incentivize dealing in local currencies:
Egyptian Prime Minister Mostafa Madbouly called on BRICS countries — who now comprise a third of the global economy — to encourage trading in local currencies among member states. Trade between Egypt and BRICS countries accounts for about one-third of Egypt’s trade volume. Egypt’s exports to the bloc increased by 5.3% during 2022, reaching USD 4.9 billion, while imports increased 11.5% in the same year to USD 26.4 billion.
