Cabinet approves move to join BRICS development bank
Another step closer to BRICS bank membership: Ministers approved plans for Egypt to join the New Development Bank (NDB), a multilateral lender set up by Brazil, Russia, India, China and South Africa (the so-called BRICS), cabinet said following its weekly meeting on Wednesday.
What is the NDB? The USD 100 bn Shanghai-headquartered bank was launched in 2015 by the BRICS group of major emerging economies to fund infrastructure and development projects in member countries.
Egypt will become the bank’s ninth member: The NDB decided to admit Egypt as a member in December 2021, a few months after Bangladesh, the UAE, and Uruguay joined.
Why this matters: Membership will allow Egypt to access finance from the bank for development projects. How much capital Egypt will contribute to the bank and how many shares it will own remains unknown.
What’s next: MPs will discuss and vote on the proposed membership in the coming weeks.