Monday, October, 03,2022

India welcomes Egypt as new member of BRICS New Development Bank

New Delhi: India on Wednesday welcomed Egypt as the new member of the BRICS New Development Bank.

"Welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family.

Bangladesh, UAE and Uruguay joined in Sep 2021. Membership expansion enables @NDB_int to position itself as a premier development institution for emerging economies," tweeted Ministry of External Affairs Spokesperson, Arindam Bagchi.

Further, NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development projects.

Earlier, in September India welcomed Bangladesh, United Arab Emirates (UAE) and Uruguay as new members of the BRICS New Development Bank (NDB). Egypt is the fourth new member admitted into NDB.

NDB's Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020.

After a round of successful negotiations, NDB approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member 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.

Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are funded by the NDB.

The BRICS group includes five major emerging countries-Brazil, Russia, India and South Africa. (ANI)

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