India welcomes Egypt as member of New Development Bank of BRICS

India on Wednesday welcomed Egypt’s entry as the fourth new member of the New Development Bank (NDB) that was established by the BRICS countries six years ago.

The NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members in September. External Affairs Ministry Spokesperson Arindam Bagchi said that expansion of the membership by the NDB will help it position as a premier development institution for emerging economies.

“India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021. Membership expansion enables @NDB_in to position itself as a premier development institution for emerging economies,” he tweeted. PlayUnmute Fullscreen VDO.AI The BRICS (Brazil-Russia-India-China-South Africa) set up the bank with an aim to mobilise resources for infrastructure and sustainable development projects in emerging economies.

The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. “We are delighted to welcome Egypt into NDB’s family. Egypt is one of the world’s fastest-growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions,” said Marcos Troyjo, President of NDB. “We look forward to supporting its investment needs in infrastructure and sustainable development,” he said.

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