BRICS Bank: New Member

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The BRICS New Development Bank (NDB) announced Egypt as a new member on 29 December.

Highlights:

Following Bangladesh, the United Arab Emirates (UAE), and Uruguay, Egypt is the fourth new member admitted to the NDB.
The addition of Egypt has increased the BRICS Bank’s global reach. The NDB will provide Egypt with a new platform for fostering infrastructure and sustainable development cooperation with the BRICS countries. 
Egypt will also benefit from the NDB’s assistance in interacting with other emerging economies and developing countries.

New Development Bank:

The Multilateral Development Bank (NDB) is a multilateral development bank. In 2014, at the 6th BRICS Summit in Fortaleza, Brazil, it was jointly funded by the BRICS countries.
It was, however, formally opened in July of 2015. 
The bank was established to support infrastructure and sustainable development efforts in the BRICS grouping, as well as other underserved and emerging economies, in order to achieve faster growth through cutting-edge technology and innovation.
The company’s headquarters are in Shanghai, China.
In 2018, the NDB was granted observer status by the United Nations General Assembly.
As a result, a solid foundation for active and fruitful cooperation with the UN was laid.
NDB supports public and private projects through loans, equity participation, guarantees, loans, and financial instruments in order to achieve its goals.
Since its inception, the NDB has approved approximately 80 projects for its members, with a total portfolio value of USD 30 billion. 
Clean energy, water and sanitation, transportation, social infrastructure, digital infrastructure, and urban development are all covered by the projects.

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