Home / News / World /  BRICS Bank to admit Egypt as new member
Listen to this article

BEIJING : The BRICS New Development Bank (NDB) on Wednesday announced that it will add Egypt as its new member.

Egypt is the fourth new member admitted into NDB, after Bangladesh, the United Arab Emirates (UAE) and Uruguay, further expanding the bank's global outreach.

"We are delighted to welcome Egypt into NDB's family. We look forward to supporting its investment needs in infrastructure and sustainable development," said Marcos Troyjo, President of the NDB.

The NDB will provide Egypt with a new platform to foster cooperation with BRICS countries on infrastructure and sustainable development, as well as with other emerging economies and developing countries.

Membership of the NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession, state-run Xinhua news agency reported.

Since its establishment six years ago, the NDB has approved about 80 projects for its members, with a total portfolio of USD 30 billion. The projects cover sectors including transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development.

Headquartered in Shanghai, the NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa. The bank formally opened in July 2015.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Post your comment

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout