Egypt Becomes BRICS New Development Bank Member

On Tuesday, the BRICS New Development Bank (NDB) announced that it had officially added Egypt as its new member, according to RT.

In a statement, the president of the NDB, Marcos Troyjo, said: "We are delighted to welcome Egypt into the NDB’s family. We look forward to supporting its investment needs in infrastructure and sustainable development.”

In the same context, the NDB is set to provide Egypt with a new platform to foster cooperation with BRICS countries on infrastructure and sustainable development, as well as with other emerging economies and developing countries.

RT reported that Egypt is the fourth new member admitted into the NDB, after the United Arab Emirates (UAE), Bangladesh, and Uruguay, further expanding the bank’s global outreach.

It's worth mentioning that the seat and membership of the NDB become effective once the admitted country completes its domestic processes and deposits the instrument of accession.