January 3, 2022 - 4:44 am

Egypt Becomes New Member Of BRICS NDB 

    The new Development Bank NDB has recently announced Egypt's new membership of the Shanghai-based bank, which was established in 2015 by BRICS member states to finance sustainable development projects in developing economies. With this Egypt has now become a fourth member to be admitted to BRICS NDB. Bangladesh UAE and Uruguay joined in September 2021.

    NDB is a multilateral development bank established by BRICS (Brazil, Russia, India, China and South Africa) to finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complimenting the existing efforts of multilateral and regional financial institutions for global growth and development. Projects in areas such as transport, water and sanitation, clean Energy, digital infrastructure, social infrastructure and urban development are funded by the NDB. The NDB stated that it has so far accepted about 80 projects in all its member nations, making a total of a portfolio of 30 billion US dollar.

    Egypt is a very large market with ambitious development plans to expand our urban development and infrastructure via projects in various fields. It has enormous investment opportunities in various fields, as well as large and open market, not only at the local level, but it is also connected with the African, Arab and European markets. The NDB, with its financing capabilities and Egypt with its investment opportunities, can achieve great cooperation that benefits both sides.

    The BRICS gets together five of the largest developing countries of the world which represents 41% of the Global population 24% of the world's GDP and 16% of the Global trade. Egypt, as a new member of the BRICS NDB will have more relevant opportunities for cooperation with other emerging economies. The NDB views Egypt as one of the world's fastest-growing economies in the Middle-East and North African region. Egypt views that NDB has strong financing capabilities and relevant expertise that would help Egypt meets its financing needs for development projects and that Egypt is willing to provide promising investment and development opportunities in various sectors.

    The NDB membership expansion is in line with its strategy to be the premier development institution for emerging economies and developing countries. Egypt fully embraces the decision to join the NDB family and look forward to building a strong partnership and engagement with the bank over the coming years is appreciated.