Egypt admitted as new member of NDB
Egypt is now part of the BRICS-led New Development Bank (NDB) after the bank admitted us as a member thanks to our position as “one of the world’s fastest growing countries,” according to a statement. Egypt is the fourth new member admitted into NDB, after Bangladesh, the UAE, and Uruguay joined in September. Our membership in the bank will give us access to support for infrastructure and sustainable development investment through public or private projects.
What is the NDB? The USD 100 bn Shanghai-headquartered bank was launched in 2015 by the BRICS group of major emerging economies: Brazil, Russia, India, China and South Africa. The international organization mobilizes resources for infrastructure and sustainable development projects in BRICS and other developing nations.
MEANWHILE- Egyptian SMEs to receive EGP 300 mn in Saudi finance: The Saudi Arabia Grant Management Committee will provide EGP 300 mn in grants to Egyptian SMEs after inking agreements with the Industrial Development Bank, Banque du Caire and Enmaa Finance, the International Cooperation Ministry said Friday. The committee has provided some EGP 1.5 bn to around 2.6k Egyptian SMEs to date, according to the statement.