Egypt retains global lead in frozen strawberry exports in '24    Egypt allocates EGP5bn to support MSMEs, entrepreneurs    EGP starts week flat against the US dollar    Egypt, Mexico explore joint action on environment, sustainability    New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy    Al-Sisi attends high-level African summit to strengthen continental coordination, regional integration    Al-Wazir inaugurates glass factory, lays foundation stone for new appliance plant at Elaraby Group    Egypt, Mexico discuss environmental cooperation, combating desertification    Egypt launches anti-drug awareness campaign for drivers    HDB expands national footprint with 'Acacia' branch in New Cairo    Lavrov warns against anti-Russia alliances in Asia during North Korea visit    Germany faces recruitment hurdles in push to rearm, eyes conscription    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Egypt's EDA, Haleon discuss local market support    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



BRICS development bank admits Egypt as new member
Published in Amwal Al Ghad on 29 - 12 - 2021

The New Development Bank (NDB) set up by the BRICS group of nations said on Wednesday it had admitted Egypt as a new member.
Egypt is the fourth new member admitted into NDB, further expanding the bank's global outreach. In September, the bank admitted Bangladesh, United Arab Emirates, and Uruguay.
In late 2020, NDB's Board of Governors authorised the bank to conduct formal negotiations with prospective members. NDB's membership expansion is in line with its strategy to become the premier development institution for emerging economies and developing countries.
Marcos Troyjo, president of the New Development Bank (Photo Credit: ADRIANO MACHADO)
Brazil, Russia, India, China, and South Africa – a group of major emerging economies known as BRICS – launched the bank in 2015 and heralded formal talks with potential new members last year.
"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, in a statement.
"We look forward to supporting its investment needs in infrastructure and sustainable development,"
Mr. Marcos Troyjo, President of the New Development Bank (NDB), welcomes the admission of Egypt as a new member country of the Bank. pic.twitter.com/GvuN3RggWF
— New Development Bank (@NDB_int) December 29, 2021
Egypt will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS (Brazil, Russia, India, China and South Africa) and other emerging economies and developing countries. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession, NDB said in a statement.
Egyptian Minister of Finance Mohamed Maait (Photo Credit: Chris J. Ratcliffe/Bloomberg
"Egypt is a firm believer and supporter of multilateralism. The NDB has established itself as one of the premier Multilateral Development Banks for Emerging Markets and Developing countries." Egyptian Minister of Finance Mohamed Maait said.
"NDB's strong financing capabilities and relevant expertise would help Egypt meet its financing needs and enhance its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals,"
Since its establishment, the Shanghai-headquartered lender said it had approved about 80 projects in all of its member countries, totaling a portfolio of $30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within NDB's scope.
NDB was established with the aim of mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. The bank has an authorised capital of $100 billion, which is open for subscription by members of the United Nations.


Clic here to read the story from its source.