India welcomes Egypt as member of NDB
GS Paper - 2 (International Institutions)
India on 29 December 2021 welcomed Egypt’s entry as the fourth new member of the New Development Bank (NDB) that was established by the BRICS countries six years ago. The NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members in September.
- The expansion of the membership by the NDB will help it position as a premier development institution for emerging economies.
- The BRICS (Brazil-Russia-India-China-South Africa) set up the bank with an aim to mobilise resources for infrastructure and sustainable development projects in emerging economies.
- The BRICS brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.
- Egypt is one of the world’s fastest-growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions.
- The NDB said it has so far approved about 80 projects in all of its member countries, totalling a portfolio of USD 30 billion.
- Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the bank.