Egypt became Member of BRICS New Development Bank

Category : International Published on: March 27 2023

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Egypt became Member of BRICS New Development Bank On March 22, 2023, the African-Arab Nation, Egypt became a member of the New Development Bank (NDB), formerly referred to as the BRICS Development Bank, a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
Egypt was officially given status as a member on February 20, 2023 and the formal notification was issued on March 22, 2023.
The NDB was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014.
Apart from Egypt, BRICS (Brazil, Russia, India, China and South Africa) countries, the UAE, Bangladesh, and Uruguay are the members of the NDB.
NDB was formed to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries.