Egypt to join BRICS New Development Bank

The BRICS New Development Bank (NDB) announced Wednesday that it will add Egypt as its new member.

"We are delighted to welcome Egypt into NDB's family. We look forward to supporting its investment needs in infrastructure and sustainable development," said Marcos Troyjo, president of the NDB.

The NDB will provide Egypt with a new platform to foster cooperation with BRICS countries on infrastructure and sustainable development, as well as with other emerging economies and developing countries.

Membership of the NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.

Egypt is the fourth new member admitted into NDB, after Bangladesh, the United Arab Emirates (UAE) and Uruguay, further expanding the bank's global outreach.

Since its establishment six years ago, the NDB has approved about 80 projects for its members, with a total portfolio of 30 billion U.S. dollars. The projects cover sectors including transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development.

Headquartered in Shanghai, the NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa. The bank formally opened in July 2015.