Egypt to be new member of BRICS Bank

CAIRO: The BRICS (Brazil, Russia, India, China, and South Africa) New Development Bank (NDB) announced on Wednesday, December 29, that Egypt will join the group. After Bangladesh, the United Arab Emirates (UAE) and Uruguay, Egypt is the bank’s fourth new member, further expanding the bank’s global reach. Marcos Troyjo, President, NDB, stated that the bank looks forward to assisting the nation with its infrastructure and sustainable development needs.

The NDB will give Egypt a new platform to enhance infrastructure and sustainable development cooperation with the BRICS countries, as well as other emerging economies and developing countries. According to the state-run Xinhua news agency, membership in the NDB becomes effective after the admitting country completes its internal processes and deposits the instrument of accession. The bank’s expansion of membership is in accordance with its objective to become the eminent development organisation for rising economies and developing countries, according to a statement.

The NDB was established by the BRICS with the goal of mobilising money for infrastructure and sustainable development projects in emerging economies. The BRICS group brings together five of the world’s most populous developing countries, accounting for 41% of global population, 24% of global GDP, and 16% of global commerce.