The New Development Bank (NDB) set up by the BRICS group of nations said it had admitted Egypt as a new member.
Egypt is the fourth new member admitted into NDB, further expanding the bank’s global outreach. In September, the bank admitted Bangladesh, United Arab Emirates, and Uruguay.
In late 2020, NDB’s Board of Governors authorised the bank to conduct formal negotiations with prospective members. NDB’s membership expansion is in line with its strategy to become the premier development institution for emerging economies and developing countries.
Brazil, Russia, India, China, and South Africa – a group of major emerging economies known as BRICS – launched the bank in 2015 and heralded formal talks with potential new members last year.
“We are delighted to welcome Egypt into NDB’s family. Egypt is one of the world’s fastest growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions.” said Marcos Troyjo, president of NDB, in a statement.
“We look forward to supporting its investment needs in infrastructure and sustainable development,”
Egypt will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS (Brazil, Russia, India, China and South Africa) and other emerging economies and developing countries. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession, NDB said in a statement.
“Egypt is a firm believer and supporter of multilateralism. The NDB has established itself as one of the premier Multilateral Development Banks for Emerging Markets and Developing countries.” Egyptian Minister of Finance Mohamed Maait said.
“NDB’s strong financing capabilities and relevant expertise would help Egypt meet its financing needs and enhance its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals,”
Since its establishment, the Shanghai-headquartered lender said it had approved about 80 projects in all of its member countries, totaling a portfolio of $30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within NDB’s scope.
NDB was established with the aim of mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. The bank has an authorised capital of $100 billion, which is open for subscription by members of the United Nations.
