Egypt joins BRICS-owned New Development Bank

Egypt has been accepted as member of the New Development Bank (NDB) established six years ago by Brazil, Russia, India, China and South Africa, forming a group known as BRICS.

The accession represents a testimony of confidence in the solidity of the Egyptian economy from the BRICS countries, Daily News Egypt quoted Finance minister Mohamed Maait as saying.

Egypt is keen to enhance cooperation with international development partners, especially in light of the unprecedented development movement that Egypt is witnessing to lay the foundations of comprehensive and sustainable development, and the promising investment and development opportunities it provides in various sectors, Maait added.

“We are pleased to welcome Egypt to the family of the New Development Bank as one of the fastest growing countries in the world, with a leading economy in the Middle East and North Africa, in addition to being a major player in international development finance institutions. We look forward to supporting and meeting Egypt’s investment needs in the areas of infrastructure and sustainable development,” Marcos Trujjo, President of the bank said.

The NDB has authorized capital of $100 billion and it is open for subscription by members of the United Nations.

The Shanghai-based bank, has financed about 80 projects in all member countries of the Bank, with a total development portfolio of about $30 billion. The projects cover transportation, water and sanitation, clean energy, digital infrastructure, social infrastructure, and urban development.

Written by