Egypt joins BRICS bank as new member weeks after President Sisi’s India visit
Egypt joins BRICS bank as new member weeks after President Sisi’s India visit: Egypt has joined the BRICS New Development Bank after President Abdel-Fattah El-Sisi visited India as the chief guest for the Republic Day celebrations.
Egypt and BRICS New Development Bank (NDB):
Egypt officially joined the NDB on February 20, according to sources familiar with the matter, 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.
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President El-Sisi’s visit to India and BRICS Bank:
The Egyptian Parliament approved the agreement that allowed Egypt to join the NDB following President El-visit Sisi’s to India for the Republic Day celebrations. 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 was granted observer status in the United Nations General Assembly, laying the groundwork for active and fruitful collaboration 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.