Cairo – Egypt concluded its membership process to the New Development Bank (NDB), also known as the BRICS bank. The Official Gazette of Egypt published a resolution through which President Abdel-Fattah El-Sisi (pictured above) ratified Decree No. 628 of 2023, approving the country’s membership to the financial institution.
The former president of Brazil, Dilma Rousseff, took office this week as president of the bank, whose headquarters are in Shanghai, China. The BRICS bloc is one of the most important economic groupings in the world, comprising Brazil, Russia, India, China, and South Africa.
Together, the BRICS nations represent about 30% of the global economy, 26% of the world’s land surface, and 43% of the world’s population and are responsible for over a third of the world’s grain production. Member countries established the NDB with a capital of USD 100 billion to finance infrastructure and sustainable development projects in emerging economies.
The NDB has agreed to accept Egypt as a new member, announced during the BRICS leaders’ summit in December 2021. Egypt was approved as the fourth new member, part of the bank’s first global expansion, preceded by Bangladesh, the United Arab Emirates, and Uruguay.
Translated by Elúsio Brasileiro
