On Wednesday India welcomed Egypt’s entry as the fourth new member of the New Development Bank (NDB) that was made by the BRICS countries 6 years ago.
In September the NDB declared Bangladesh, United Arab Emirates (UAE), and Uruguay as its new members. Arindam Bagchi who is the External Affairs Ministry Spokesperson stated that expansion of the membership by the NDB will help it position as a premier development institution for economies that are emerging.
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“India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021. Membership expansion enables @NDB_in to position itself as a premier development institution for emerging economies,” he tweeted. PlayUnmute Fullscreen VDO.AI The BRICS (Brazil-Russia-India-China-South Africa) made up the bank with a sole aim to mobilize resources for infrastructure and sustainable development projects in emerging economies.
The BRICS gets together 5 of the largest developing countries of the world, which represent 41% of the global population, 24% of the world’s GDP, and 16% of the global trade. “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,” stated Marcos Troyjo who is the President of NDB. “We look forward to supporting its investment needs in infrastructure and sustainable development,” he stated.
The NDB stated that it has so far accepted about 80 projects in all its member nations, making a total of a portfolio of USD 30 billion. Projects in areas like transport, water and sanitation, clean energy, digital infrastructure, social infrastructure, and urban development are within the bank’s scope.
A statement by the bank stated that its 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 looks forward to building a strong partnership and engagement with the bank over the coming years,” stated Mohamed Maait who is the Minister of Finance of Egypt.