Cairo became the 10th member of the BRICS New Development Bank on Wednesday.
The Cabinet of Ministers has released a press release stating that the President’s draft document on the ratification of the agreement to found the BRICS New Development Bank and Egypt’s accession was approved.
The New Development Bank (NDB) was established by the countries of BRICS – Brazil, Russia, India, China, and South Africa – in 2014 to support infrastructure and sustainable development projects in these countries as well as other developing nations. It officially began operations on July 21, 2015, in Shanghai.
The BRICS group is an association of Brazil, Russia, India, China, and South Africa. The group also has a number of other countries that want to join it, including Argentina, Algeria, Iran, Pakistan, Turkey, and Saudi Arabia.