Russian FM: Accession of Egypt, Saudi Arabia, UAE, Algeria will boost ‘multipolarity’

CAIRO – 17 June 2023: Russian Foreign Minister Sergei Lavrov said that the accession of Egypt, Saudi Arabia, the UAE and Algeria to the "BRICS" group “will benefit the multipolar foundations of the bloc that evolved naturally, objectively.”

In an interview with Russia Today, Lavrov added: “And they are all leaders, to some extent, in the Arab and Islamic world. This would undoubtedly enrich BRICS.”

On March 30, 2023, President Abdel Fatah al-Sisi endorsed decree no. 628/2023 approving Egypt's membership in the New Development Bank affiliated with BRICS, which had sanctioned the country's entry in December 2021.

Egypt was the fourth non-BRICS country that joined the bank after Bangladesh, UAE, and Uruguay. The New Development Bank was founded with $100 billion to finance infrastructure and sustainable development projects in member states and other developing ones.

BRICS, composed of Brazil, Russia, India, China and South Africa, represent 30 percent of the world economy, 26 percent of the world's surface area, 43 percent of the world population, and produce over a third of the quantity of grains.