New Delhi : 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.
“We are delighted to welcome Egypt into NDB’s family. Egypt is one of the world’s fastest growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions. We look forward to supporting its investment needs in infrastructure and sustainable development,” said Marcos Troyjo, President of NDB.
“The NDB has established itself as one of the premier Multilateral Development Banks for Emerging Markets and Developing countries. Egypt fully embraces the decision to join the NDB family and looks forward to building a strong partnership and engagement with the Bank over the coming years… NDB’s strong financing capabilities and relevant expertise would help Egypt meet its financing needs and enhance its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals,” said Dr. Mohamed Maait, Minister of Finance of Egypt.
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.
Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.
Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of US$ 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.
NDB’s membership expansion is in line with the Bank’s strategy to become the premier development institution for emerging economies and developing countries.
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.