Egypt joins BRICS bank as new member weeks after President Sisi’s India visit

After President Abdel-Fattah El-Sisi visited India as a chief guest for the Republic Day celebrations, Egypt has become a member of the BRICS New Development Bank (NDB).

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Egypt and BRICS New Development Bank (NDB):

According to sources familiar with the matter, Egypt officially joined the NDB on February 20, with a formal notification issued on March 22.

The African-Arab nation intends to enhance its infrastructure, and NDB funding can make a significant contribution toward achieving this goal.

President El-Sisi’s visit to India and BRICS Bank:

Following President El-Sisi’s visit to India for the Republic Day celebrations, the Egyptian Parliament approved the agreement that permitted Egypt to join the NDB. The lawmakers welcomed the move, recognizing it as a means of reducing the need for US dollars.

The upcoming BRICS Summit, scheduled to be hosted by South Africa in August, is anticipated to promote intra-BRICS trade using national currencies, allowing member nations to safeguard their foreign exchange reserves.

About BRICS New Development Bank (NDB):

• It is a multilateral development bank jointly founded by the BRICS countries(Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
• It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
• It is headquartered at Shanghai, China.
• In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.

• Bangladesh, the United Arab Emirates, and Uruguay joined the NDB in September 2021. Egypt was welcomed as a new member of the NDB in December 2021.