00:05Chinese President Xi Jinping has just wrapped up an official visit to Egypt as they marked
00:1070 years of bilateral ties.
00:12Both countries are members of the now enlarged BRICS group of major emerging economies.
00:18And Xi's visit to Egypt came at a very useful time, just days before the next BRICS summit
00:24in India.
00:24Both countries had an eye firmly on that gathering during their talks.
00:31Egypt's agenda was clear during talks with the Chinese President.
00:35That is to increase trade, investments and transfer of technology between BRICS member
00:39states.
00:40The Egyptian and Chinese presidents also focused on safe shipping routes.
00:44These will definitely be on the table at the BRICS and how to protect supply chains from
00:49geopolitical instabilities.
00:51Expanding a currency swap deal with China worth over $5 billion reflects Egypt's keenness
00:57to reduce dependence on the U.S. dollar in trade and investments.
01:01The government is aiming for BRICS states to push this agenda through as well, and for
01:07more members to engage in local currency transactions.
01:11The North African country also signed a currency swap deal with BRICS member the United Arab Emirates.
01:16This policy doesn't only support the state's economy, but the business community as well.
01:23This agreement will lower transaction fees compared to traders who use hard currency.
01:28Local currency transactions are cheaper.
01:31At the same time, it will reduce pressure on companies which find it difficult to provide
01:36hard currency for business.
01:37I believe we'll see more volumes of trade and investments when local currency swaps increase.
01:44Financing is another major talking point, as Cairo seeks to overturn a budget deficit that
01:50is hindering economic growth targets.
01:53Egypt used to solely depend on the IMF and World Bank for financing.
01:57Now it is trying through the BRICS to diversify the sources of funding by tapping the new development
02:03bank to finance very important infrastructure projects and bridge the budget deficit gap.
02:09Egypt officially became a full member of the BRICS economic block, which represents nearly
02:1540 percent of the world's GDP, in 2024.
02:19With the bedding-in period over, it's hoping it can start to truly see the benefits of accession
02:25in the coming months and years.
02:27To Mari's work for the Canada and Growth Bank and Translators
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