Egypt's President Mohamed Morsi (Photo: Reuters)
Egyptian President Mohamed Morsi will visit Durban on Tuesday to attend the fifth BRICS summit in South Africa after participating in the opening of the Arab League Summit in Qatar, according to Al-Ahram Arabic news website.
Earlier this month, President Morsi received an invitation to attend the summit for the powerful grouping of the world's fastest-growing and largest emerging economies: Brazil, Russia, India, China and South Africa.
In an interview with an Indian newspaper in mid March, President Morsi said he hopes Egypt will join the BRICS group so that one day the name becomes E-BRICS where "E stands for Egypt."
BRICS nations will gather in an attempt to push up the growth rate of their emerging markets as they suffered a slowdown over the last two years due to the stagnation in developed countries, in particular, with the Eurozone.
The International Monetary Fund forecasts gross domestic product growth of 5.5 percent in the emerging markets in 2013, barely higher than 2012’s estimated 5.1 percent.