India welcomes Egypt’s membership of BRICS New Development Bank
Membership expansion enables the bank to position itself as a premier development institution for emerging economies
India on Wednesday welcomed Egypt as the fourth new member of BRICS New Development Bank and said that membership expansion enables the bank to position itself as a premier development institution for emerging economies.
“India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021, Membership expansion enables @NDB_int to position itself as a premier development institution for emerging economies,” Indian Ministry of External Affairs (MEA) Spokesperson Arindam Bagchi said on Twitter.
The New Development Bank was established by BRICS (Brazil, Russia, India, China and South Africa) in 2015.
A statement by the bank on Wednesday said that the NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020.
“After a round of successful negotiations, NDB started expanding its membership in September 2021 with the admission of Bangladesh, United Arab Emirates (UAE) and Uruguay. Egypt is the fourth new member admitted into NDB, further expanding the Bank’s global outreach,” the NDB statement said.
Welcoming Egypt into the NDB family, bank President Marcos Troyjo said, “We are delighted to welcome Egypt into NDB’s family. Egypt is one of the world’s fastest growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions.”
“We look forward to supporting its investment needs in infrastructure and sustainable development,” he added.
Egyptian Minister of Finance Mohamed Maait said that Egypt is a firm believer and supporter of multilateralism.
“The NDB has established itself as one of the premier Multilateral Development Banks for Emerging Markets and Developing countries. Egypt fully embraces the decision to join the NDB family and looks forward to building a strong partnership and engagement with the Bank over the coming years,” he said.
“Egypt is reaping the fruits of its consistent efforts to enhance its economy’s resilience and to diversify its funding sources. NDB’s strong financing capabilities and relevant expertise would help Egypt meet its financing needs and enhance its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals,” the Egyptian Finance Minister Mait said.
According to the statement, Egypt will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and other emerging economies and developing countries.
It further stated that membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.
Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totalling a portfolio of US$ 30 billion, the statement said.
Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank, it added.
NDB’s membership expansion is in line with the Bank’s strategy to become the premier development institution for emerging economies and developing countries, said the NDB statement.
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.