02 Jan 2022
The NDB (New Development Bank) announced that it has accepted Egypt as a member in the bank. The NDB was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2015 to finance projects relating to infrastructure and sustainable development in emerging economies. The bank has an authorized capital of USD100bn and accepts membership applications from all United Nations member countries. Egypt is the 4th new member in the NDB, following the U.A.E., Uruguay, and Bangladesh, after the bank began expanding its membership in September 2021.
The Minister of Finance commented by saying that this comes as yet another vote of confidence for the Egyptian economy. Egypt’s membership in the NBD will further diversify its sources of funding, thus lowering Egypt’s financing cost for development projects and its overall debt service cost.
(Source: NDB (English), China Government Portal (English), The Economic Times - India (English), Amwal al-Ghad (English) (Arabic), Zawya (English), Daily News Egypt (English), See News (English), Ministry of Finance, Mubasher, al-Ahram, al-Masry al-Youm, al-Watan, al-Dustour, Akhbar al-Youm, Sada el-Balad, Masrawy, Sputnik, RT)