8 Dec, 2022 08:00
The country has reportedly been welcomed into the financial structure, further expanding the lender’s global reach
Egypt has officially become a member of the New Development Bank (NDB) of the BRICS group of major emerging economies, the country’s government announced on Wednesday.
The NDB was established by BRICS (Brazil, Russia, India, China, South Africa) in 2014 to finance infrastructure and sustainable development in member states and other emerging economies. Since 2016, the bank has invested in multiple projects, including $7.2 billion in India alone, according to the NDB.
Egypt, which has so far not joined BRICS, expressed an interest in becoming a member in July, along with Turkey and Saudi Arabia. It is now preparing to apply for membership, BRICS International Forum President Purnima Anand earlier said.
BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the US dollar and euro.
The five BRICS economies currently account for more than 40% of the world’s population and nearly a quarter of global GDP.
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