Egypt joins BRICS Bank

The Egyptian government has announced that Cairo has joined the New Development Bank (NDB). The day before, the cabinet approved a draft presidential decision in this regard. This was reported by RIA Novosti.

"The government has approved the draft presidential decision on the ratification of the agreement on the establishment of the BRICS New Development Bank and Egypt's accession to the bank," the cabinet said in a press release.

As a reminder, the BRICS Bank was established by its member countries in 2014. The financial institution regularly allocates funds for infrastructure and sustainable development projects in the alliance states.

In 2019, for example, an agreement was signed between Russia and the NDB, under which the bank provided the country with a loan of $320 million to finance the "Development of Water Supply and Sanitation Systems in Russian Cities" project.

This year, the financing institution has approved five new projects totalling $875 million in water, sanitation, eco-tourism and transport. The investment will support commitments by Brazil, China and India to the Sustainable Development Goals (SDGs).

In addition, the bank has been investing in clean energy projects since 2016.