India welcomes Egypt as a member of the New Development Bank of BRICS

 

India welcomed Egypt as the fourth new member of the NDB (New Development Bank) on December 30. The Bank was established by the BRICS (Brazil, Russia, India, China, and South Africa) countries six years ago.

Earlier in September, the NDB also welcomed the United Arab Emirates (UAE), Bangladesh, and Uruguay as its new members. These were the first three countries to be members of NDB apart from its five founders or BRICS. The NDB’s membership expansion is the bank’s strategy for the development of the emerging economies globally.

External Affairs Ministry Spokesperson Arindam Bagchi’s statement

External Affairs Ministry Spokesperson Arindam Bagchi said that including the new countries in NDB will be helpful for emerging economies and further development of the countries. Arindam Bagchi shared this news on Twitter. He wrote, “India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in September 2021.”

The President of NDB,  Marcos Troyjo said, “We are delighted to welcome Egypt into NDB's family. Egypt is one of the world's fastest-growing countries in the world.” The President further said that they look forward to working with Egypt for sustainable development.

BRICS

The BRICS set up the NDB with an aim to mobilise resources for infrastructure in emerging economies. At the fourth BRICS Summit in New Delhi in 2012, BRICS decided to set up a new bank to mobilise resources for infrastructure and increase further development of the countries. The BRICS brings together five of the largest developing countries of the world. The BRICS represents 41 per cent of the global population. The NDB reportedly said that the bank approved about 80 projects in all of its member countries, totalling a portfolio of $30 billion. The NDB’s projects focused on areas of clean energy, digital infrastructure, sanitation, transportation, social infrastructure and urban development.