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Egypt became fourth new member of New Development Bank

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Egypt added as the fourth new member of BRICS New Development Bank. Bangladesh, UAE, and Uruguay joined BRICS New Development Bank in September 2021. Membership expansion enables New Development Bank to position itself as a premier development institution for emerging economies. BRICS New Development Bank is a multilateral bank that was established by Brazil, Russia, China, India, and South Africa to finance sustainable development and infrastructure projects.

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The new list of New Development Bank member countries:

S.No Member Countries
1 Brazil
2 Russia
3 India
4 China
5 South Africa
6 Bangladesh
7 United Arab Emirates
8 Egypt
9 Uruguay

Important takeaways for all competitive exams:

  • New Development Bank Headquarter: Shanghai, China;
  • New Development Bank President: Marcos Prado Troyjo;
  • New Development Bank Founder: BRICS;
  • New Development Bank Founded: 15 July 2014.

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