Egypt joins New Development Bank set up by BRICS countries

Egypt officially became a new member of the New Development Bank (NDB) created by the BRICS countries (Brazil, Russia, India, China and South Africa) after completing the necessary procedures.

Report informs citing TASS that this is evidenced by an update regarding the membership of the bank, which was posted on Wednesday on NDB's website.

The website indicates that Egypt officially received the corresponding status from February 20 of this year, but the corresponding notification appeared only on March 22.

The NDB Board of Governors has authorized the bank to hold formal negotiations with potential new member countries at the end of 2020. After successful negotiations, the NDB approved the admission of Egypt in December 2021, and in September of the same year, the same decision was made for the United Arab Emirates (UAE), Uruguay and Bangladesh. All except Uruguay officially became members of the bank after completing the necessary procedures.