• On December 29, 2021, the BRICS New Development Bank (NDB) announced to add Egypt as its new member.

Key Points

  • Egypt is the fourth new member admitted into NDB, following Bangladesh, United Arab Emirates (UAE) and Uruguay.
  • Inclusion of Egypt has further expanded the global outreach of BRICS Bank.

How this move will benefit Egypt?

  • The NDB will provide a new platform to Egypt, for fostering cooperation with BRICS countries on infrastructure and sustainable development.
  • NDB will also help Egypt in engaging with other emerging economies and developing countries.

About New Development Bank (NDB)

  • NDB is a multilateral development bank. It was jointly founded by the BRICS countries in 2014, at the 6th BRICS Summit in Fortaleza, Brazil.
  • But it was formally opened on July 2015. The bank was set to support the infrastructure and sustainable development efforts in BRICS grouping and other underserved & emerging economies for a faster development through cutting-edge technology and innovation.
  • It’s headquartered is at Shanghai, China.

Observer Status in UNGA

  • NDB had received observer status in the United Nations General Assembly, in 2018. Thus, it established a firm basis for active and fruitful cooperation with the UN.

Objectives of UNGA

NDB has understated objectives:

  1. To foster development in member countries.
  2. To support economic growth.
  3. To promote competitiveness and facilitate job creation.
  4. To building a knowledge sharing platform in developing countries.

How the bank fulfils its objectives?

  • In order to fulfil its purpose, NDB supports public or private projects by means of loans, equity participation, guarantees, loans, and financial instruments.

Developmental projects by NDB

  • Ever since its establishment, NDB has approved around 80 projects for its members, with a portfolio of USD 30 billion.
  • The projects cover sectors like clean energy, water & sanitation, transport, social infrastructure, digital infrastructure, and urban development.

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