The New Development Bank (NDB), established by BRICS (Brazil, Russia, India, China and South Africa) in 2015, has admitted Egypt as a new member.
Egypt is the fourth new member admitted into NDB. In late 2020, NDB’s Board of Governors authorised the Bank to conduct formal negotiations with prospective members, following which Bangladesh, United Arab Emirates (UAE), Uruguay, and Egypt were added in 2021.
“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. We look forward to supporting its investment needs in infrastructure and sustainable development,” said Marcos Troyjo, President of NDB.
For his part, Egypt’s Minister of Finance Mohamed Maait said: “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. Egypt fully embraces the decision to join the NDB family and looks forward to building a strong partnership and engagement with the Bank over the coming years. Egypt is reaping the fruits of its consistent efforts to enhance its economy’s resilience and to diversify its funding sources. 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.”
Egypt will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS 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.
Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of USD30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.
NDB’s membership expansion is in line with the Bank’s strategy to become the premier development institution for emerging economies and developing countries.
NDB was established by Brazil, Russia, India, China and South Africa to mobilise 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. NDB has an authorized capital of USD100 billion, which is open for subscription by members of the United Nations.
2 January 2022