Egypt officially became a new member of the New Development Bank (NDB) established by the BRICS countries (Brazil, Russia, India, China, and South Africa) after completing the necessary procedures. This is shown by an update regarding the bank's membership, which was posted on Wednesday on the official website of the financial institution.
The page on the site indicates that Egypt officially received the relevant status as of February 20 this year, but the notification only appeared on March 22.
The NDB's board of governors authorized the bank to hold formal negotiations with potential new member countries in late 2020. Following successful negotiations, the NDB approved Egypt's admission in December 2021, and in September of that year the same decision was made for the United Arab Emirates (UAE), Uruguay and Bangladesh. All but Uruguay officially became members of the bank after completing the necessary procedures.
The New Development Bank was established by the BRICS countries on the basis of the intergovernmental agreement signed at the VI BRICS summit in Fortaleza in July 2014. The purpose of the bank is to finance infrastructure and sustainable development projects in the BRICS countries and developing countries. The Bank previously received international credit ratings of "AA+" from Fitch Ratings and S&P Global Ratings, allowing it to effectively attract long-term funding in the international and local capital markets.
Over the years, the bank has approved more than 90 projects for a total of $32 billion in support of such areas as transport, water, clean energy, digital and social infrastructure, as well as urban development.
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Based on materials from TASS