Egypt officially joins the New Development Bank
Egypt officially joins the New Development Bank
Officially, Egypt has become a member of the “New Development Bank”, which is a bank established by the BRICS countries (Brazil, Russia, India, China, South Africa). The bank indicated on its official website – yesterday, Wednesday – that Egypt has officially joined as of February 20, 2023, but the statement was delayed until March 22.
The Bank’s Board of Governors authorized the administration to negotiate with the new member states at the end of 2020, then “New Development Bank” agreed to Egypt’s accession in December 2021, and in September of the same year a decision was taken to accept the accession of the United Arab Emirates and Bangladesh; While these two countries were accepted for membership, the decision excluded Uruguay, according to the Russian “TASS” agency.
The “New Development Bank” was established by “BRICS countries” after an intergovernmental agreement, signed at the “Sixth BRICS Summit” in the Brazilian city of Fortaleza in July 2014. The aim of its establishment is to finance projects, such as: sustainable development, infrastructure, water, energy, and civil construction in the BRICS countries, as well as in developing countries, and since Its establishment approved more than 90 projects with funding amounting to $32 billion.
