Egypt's Parliament Approves Joining BRICS Affiliated Bank "NDB"

The Egyptian Parliament approved on Sunday the decision of President Abdel Fattah El-Sisi, regarding the agreement to join the New Development Bank (NDB) affiliated with the BRICS bloc, and Egypt's accession document.

The House of Representatives had referred, on January 15, to a joint committee from the Economic Affairs Committee and committee offices regarding the approval of the agreement establishing the new development bank affiliated with the "BRICS" bloc and Egypt's accession document to the bank.

Through its accession to the agreement, Egypt aims to benefit from the areas that fall within the various activities of the bank, including supporting sustainable development and enhancing regional cooperation and integration by investing mainly in the field of infrastructure, which includes various sub-sectors in infrastructure such as: energy, transportation, and water issues, and communications.

The bank's operations also include the health and social infrastructure sectors, and the bank's activity extends to the field of digitization due to the negative economic effects resulting from the coronavirus (Covid-19) pandemic on the global economy,

With regard to environmental, social and procurement standards, the New Development Bank uses the national standards of the operating countries only. The New Development Bank also aims to provide the necessary resources and provide technical assistance for the implementation of projects related to the national development priorities of the member states.