Egypt officially becomes member of BRICS’ NDB
Updated 4/2/2023 8:41:00 AM
Arab Finance: President Abdel-Fattah El-Sisi has ratified the agreement on establishing the New Development Bank (NDB) of the BRICS bloc and the document of Egypt's accession to the $100 billion bank, Ahram Gate reported on March 31st, citing the Official Gazette.
In December 2022, the Egyptian cabinet greenlit a presidential decree to establish the NDB, affiliated to the BRICS.
Egypt holds about $1.2 billion of the bank’s subscribed capital, equivalent to a 2.27% stake, according to the NDB’s website. The other shareholders outside the group, UAE and Bangladesh, currently own less than 2%each of the bank's shares.
Established in 2015 by the five leading emerging economies, Brazil, Russia, India, China, and South Africa, NDB works on supporting sustainable development and bolstering regional cooperation and integration through investing in infrastructure.
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