The value of trade exchange between Egypt and the BRICS countries hiked by 19.5% to $50.8 billion in 2024 from $42.5 billion in 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS)

The Egyptian exports to the BRICS countries increased by 31.5% year-on-year (YoY) to $905 million in 2024 since Egypt joined the bloc, versus $688 million.

Egypt's external trade dynamics are currently shaped by a complex mix of exports and imports, influencing its economy. With major exports including agri-food products, cotton, and chemicals, while significant imports include wheat and energy, the trade balance reflects both opportunities and challenges.

Trade exchange between Egypt and BRICS countries went up by 15% year on year (YoY) in the first eight months of 2024 to $30.2 billion, compared to $26.2 billion.

Egyptian President Abdel Fattah El-Sisi has met with his Russian counterpart Vladimir Putin to discuss various bilateral, regional, and international issues.

The BRICS economic and financial track represents a pivotal platform for fostering economic cooperation among member countries. It focuses on key areas such as infrastructure development, trade, investment, and financial regulation, all aimed at promoting sustainable and inclusive growth. Egypt's recent participation in this track marks a significant milestone, offering a unique opportunity for the country to strengthen its economic ties with the world's emerging powers.

The Egyptian government is seeking to increase the volume and amount of multilateral concessional financing secured from development banks, international institutions, and bilateral partners.

The Head of the Egyptian Tax Authority (ETA) Rasha Abdel Aal has signed the BRICS Framework Agreement for Cooperation in Tax Fields in Moscow, marking Egypt’s commitment to enhancing its tax administration in alignment with the BRICS countries.

Egyptian Prime Minister Mostafa Madbouly has called for increased utilization of local currencies among BRICS member countries during his address at the BRICS Development Bank Forum held in Cairo on June 11th.

The General Authority for Suez Canal Economic Zone (SCZONE) is seeking to boost cooperation with the BRICS countries.

Egypt is seeking to obtain a concessional loan worth $1 billion from the New Development Bank (NDB), affiliated with the BRICS countries, before the end of 2024.

Egypt and the New Development Bank (NDB) have probed issuing EGP-denominated bonds.

In 2023, the Egyptian economy witnessed several global and local economic events that affected the performance of main indicators including inflation, interest rates, exchange rates, gold prices, and more, either directly or indirectly. In this Factsheet, we will guide you through a brief journey to take a look at the near future of the Egyptian economy in 2024.

The General Authority for Suez Canal Economic Zone (SCZone) decided to prepare and carry out a major campaign to promote attracting global investments, with a main focus on BRICS member countries, as well as Gulf states, Europe, and the US.

Egyptian Prime Minister Mostafa Madbouly has approved establishing “BRICS” unit at the cabinet to review cooperation areas with the bloc.

The South African President Cyril Ramaphosa has announced that the BRICS bloc of developing nations invited Egypt to join the group as of 2024.

The price of Egypt’s international bonds declined by more than 2% on June 15th after a Russian Ambassador to Cairo announced that the North African country officially applied to join the BRICS members.

Egypt has submitted an application to become a member of the BRICS, Russian Ambassador to Cairo Georgy Borisenko confirmed.

In March, President Abdel-Fattah El-Sisi approved an agreement that allows the state to join the New Development Bank (NDB) of the BRICS bloc (Brazil, Russia, India, China, and South Africa). In this Factsheet, Arab Finance will shed light on Egypt’s journey to join the NDB and how this would benefit the Egyptian economy in the future.