On Wednesday, Egypt officially joined BRICS’ New Development Bank (NDB), joining India, Brazil, Russia, China, and South Africa as a member country.
The NDB authorized a dialogue with potential member states in 2020, and Egypt’s accession was approved in December 2021.
In September, the NDB also approved procedures for the United Arab Emirates (UAE), Uruguay, and Bangladesh, all of which have since become members of the bank.
Cairo completed the necessary procedures to become eligible for membership on February 20, 2023, and was granted official member status around that time.
NDB open to members of the United Nations
BRICS’ New Development Bank was established in 2014 after an intergovernmental agreement was signed by partner nations at the sixth BRICS summit in Fortaleza. The bank’s membership is open to United Nations members, both borrowing and non-borrowing.
Uruguay has become a prospective member of the NDB and will officially join once it deposits the instrument of accession.
The BRICS members aim to strengthen the bank’s capacity to mobilize resources, finance various projects, and build a robust institutional profile to increase its operational excellence and development impact, according to a statement.
