Egypt joins BRICS Bank
The authorities of the country approved the corresponding decision
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.
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![Xi Jinping]()
Xi JinpingPresident of the People’s Republic of China"The foundation of our bilateral relations will only grow stronger, and we will confidently move forward to a better future. […] The striving of nations on our planet for peace, development, cooperation and mutual benefit remains unchanged. The vital mission of the Shanghai Cooperation Organisation is to maintain stability and promote the development of our region" -
![Alisher Salomov]()
Alisher SalomovAdviser to the Chairman of the National Committee for Ecology and Climate Change of the Republic of Uzbekistan"First and foremost, I would like to highlight the importance of this Central Asia–Russia initiative, because environmental problems know no borders, and only a shared understanding of these problems and the search for joint solutions can deliver positive results" -
![Joao Paulo Capobianco]()
Joao Paulo CapobiancoBrazilian Minister of the Environment and Climate Change"The BRICS countries have a very high level of responsibility because they share an important part of the world's biodiversity, landscapes, populations, food production and water resources. So, we have an opportunity to lead by example. We have our development bank, which can demonstrate and develop new ways of financing programmes. We can reduce the risks for private capital to invest in restoration and efforts to combat desertification" -
![Dilma Rousseff]()
Dilma RousseffPresident of the New Development Bank"India’s BRICS Presidency this year gives special significance to our discussion. NDB stands ready to be a trusted partner in turning commitments on sustainability, clean energy, smart and resilient infrastructure into concrete results on the ground. […] For NDB, mobilising private capital is a strategic imperative. Created by the BRICS founding members, NDB is a bank of the Global South, for the Global South, mandated to mobilise resources for infrastructure and sustainable development" -
![Sihasak Phuangketkeow]()
Sihasak PhuangketkeowDeputy Prime Minister and Minister of Foreign Affairs of Thailand"BRICS can play a very important role in maintaining the free flow of trade and investment. The group can also be a vehicle for all of us to engage and to look at economic opportunities"
