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EYGPT BECOMES THE FOURTH NEW MEMBER OF BRICS NEW DEVELOPMENT BANK

EYGPT BECOMES THE FOURTH NEW MEMBER OF BRICS NEW DEVELOPMENT BANK

Context:

On December 29, 2021, India welcomed Egypt as the fourth new member of the BRICS New Development Bank.

Key Points:

  • The UAE, Bangladesh, and Uruguay joined in September 2021. 
  • The expansion of membership enables the New Development Bank to position itself as a leading development centre for emerging economies.

How will this move benefit Egypt?

  • The NDB will provide a new platform in Egypt, to promote cooperation with BRICS countries on infrastructure and sustainable development. 
  • The NDB will also help Egypt in negotiations with other emerging economies and developing countries.

About the New Development Bank:

  • It aims to integrate development project resources into the BRICS, emerging economies, and developing countries.
  • BRICS (BRICS (Brazil-Russia-India-China-South Africa) established the bank with the aim of integrating infrastructure and sustainable development projects in emerging economies.
  • The bank is headquartered in Shanghai, China.
  • The NDB said it had so far approved about 80 projects in all its member states, including a portfolio of USD 30 billion. 
  • Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, public infrastructure and urban development within the banking sector.

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