The New Development Bank (NDB) established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 has admitted Egypt as a new member.

Why in news?

• India recently 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.

About addition of new members into NDB

• NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB started expanding its membership in September 2021 with the admission of Bangladesh, United Arab Emirates (UAE) and Uruguay.
• Egypt is the fourth new member admitted into NDB, further expanding the Bank’s global outreach. 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.