New Delhi, Dec 29,2021: India on Wednesday welcomed Egypt as the fourth new member of the BRICS New Development Bank family.
Ministry of External Affairs spokesperson Arindam Bagchi, in a tweet said: “India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021.
“Membership expansion enables @NDB_int to position itself as a premier development institution for emerging economies.”
On Wednesday, the New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – admitted Egypt as a new member.
NDB’s Board of Governors authorised the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB started expanding its membership in September 2021 with the admission of Bangladesh, United Arab Emirates (UAE) and Uruguay.
Egypt is the fourth new member admitted into NDB, further expanding the Bank’s global outreach, said the Shanghai-headquartered NDB in a statement.
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.
