Egypt hopes BRICS entry will lure foreign cash, but analysts counsel patience

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Egypt hopes its imminent inclusion in the BRICS bloc of developing nations will help ease its shortage of foreign currency and attract new investment, but analysts say it may take time before any benefits appear, Reuters reports. The bloc, which includes Brazil, Russia, India, China and South Africa, on Thursday invited Egypt and five other countries to join, and Egypt immediately welcomed the offer. “I appreciate Egypt being invited to join BRICS and look forward to coordinating with the group to achieve its goals in supporting economic cooperation,” President Abdel-Fattah Al-Sisi said soon after being invited. Egypt, over the past...