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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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.
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.
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