The vice-president of the Economic Committee of the House of Representatives, Mohamed Abdel-Hamid, affirmed that joining the institution benefits the country.

“We will benefit from the Bank’s financial and technical assistance in areas such as sustainable development, health, infrastructure, transportation, water, and telecommunications,” he said.

The addition of Egypt will also relieve the state budget of the pressure to find dollars to meet imports because members of that bank can use their national currencies in bilateral trade, he said.

Remnants of an ancient city dating back to the Roman Empire have been unearthed in the Egyptian city of Luxor.

Egypt’s Ministry of Tourism and Antiquities announced the discovery in a news release Tuesday.

The International Monetary Fund (IMF) has approved a more than $3 billion loan allegedly to support Egypt’s ailing economy. But many experts note that the timing of this massive bailout is suspect because of Egypt’s recent moves to join the China- and Russia-aligned BRICS economic union.

A group of Egyptologists from Spain have discovered two tombs that housed almost 60 mummies at site in the ancient Egyptian city of Luxor.

“The most important thing this year is the discovery of two tombs, almost six meters deep,” made up of “two chambers each and housing around 60 mummies and remains of mummies,” Francisco J. Martin, the president of the Vizier Amenhotep Huy Project, told Efe.

Martín, who leads a team of 22 Spanish Egyptologists and eight Egyptian experts, said the tombs were dated after Vizier Amenhotep-Huy’s tomb (18th dynasty).