BRICS new development bank upsc: India on December 29, 2021, welcomed Egypt as the new member of BRICS New Development Bank. With this, Egypt has now become a fourth new member to be admitted to BRICS NDB. The BRICS group includes five major emerging countries around the world- Brazil, Russia, India, China, and South Africa and the multilateral bank BRICS NDB was established by these rising economies to finance the sustainable development projects.
The news of Egypt being a new member of BRICS NDB was announced by the Spokesperson of External Affairs Minister, Arindam Bagchi who also said that the membership expansion will enable the bank to position itself as a significant development institution.
🇮🇳 welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021.
— Arindam Bagchi (@MEAIndia) December 29, 2021
Membership expansion enables @NDB_int to position itself as a premier development institution for emerging economies. @indembcairo @MfaEgypt
5 things to know about BRICS New Development Bank
1. BRICS New Development Bank is a multilateral bank that was established by Brazil, Russia, China, India, and South Africa to finance sustainable development and infrastructure projects.
2. The Board of Governors of NDB had authorized the bank to conduct the formal negotiations with the prospective members in late 2020.
3. New Development Bank was established to mobilize the resources for infrastructure and sustainable development projects in BRICS as well as other emerging economies.
4. BRICS NDB complements the existing efforts of the regional and multilateral financial institutions for global growth and development.
5. Projects in the areas such as water, transportation, sanitation, digital infrastructure, clean energy, urban development, and social infrastructure are funded by BRICS New Development Bank.
Who are the new members of New Development Bank?
Before Egypt joined the multilateral bank, earlier, in September 2021, India had welcomed Bangladesh, Uruguay and the United Arab Emirates (UAE) as the new members of the BRICS New Development Bank.
List of New Development Bank member countries
Find the total members of BRICS New Development Bank from the list below:
| S. No. | Member countries |
| 1. | Brazil |
| 2. | Russia |
| 3. | India |
| 4. | China |
| 5. | South Africa |
| 6. | Bangladesh |
| 7. | United Arab Emirates |
| 8. | Egypt |
| 9. | Uruguay |
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