Economics & Finance

Egypt becomes a new member of BRICS New Development Bank


Egypt has officially become a new member of the New Development Bank (NDB) created by BRICS member states (Brazil, Russia, India, China and South Africa) after completing the necessary procedures, according to an update on the composition of the bank posted on the website of the financial institution on Wednesday.

Egypt was officially given status as a member on February 20, 2023, though a respective notification only appeared on March 22, according to the update.

The NDB board of governors authorized the bank to hold official talks with new potential member states in late 2020. After successful talks, the NBD approved Egypt’s accession in December 2021, while in September 2021 a similar decision was made regarding the United Arab Emirates (UAE), Uruguay and Bangladesh. With the exception of Uruguay, they all became members of the bank after jumping through the necessary hoops.

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