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On December 29, 2021, the BRICS New Development Bank (NDB) announced to add Egypt as its new member.
How this move will benefit Egypt?
The NDB will provide a new platform to Egypt, for fostering cooperation with BRICS countries on infrastructure and sustainable development. NDB will also help Egypt in engaging with other emerging economies and developing countries.
About New Development Bank (NDB)
NDB is a multilateral development bank. It was jointly founded by the BRICS countries in 2014, at the 6th BRICS Summit in Fortaleza, Brazil. But it was formally opened on July 2015. The bank was set to support the infrastructure and sustainable development efforts in BRICS grouping and other underserved & emerging economies for a faster development through cutting-edge technology and innovation. Its headquarter is at Shanghai, China.
Observer Status in UNGA
NDB had received observer status in the United Nations General Assembly, in 2018. Thus, it established a firm basis for active and fruitful cooperation with the UN.
Objectives of UNGA
NDB has understated objectives:
How the bank fulfils its objectives?
In order to fulfil its purpose, NDB supports public or private projects by means of loans, equity participation, guarantees, loans, an
By: Brijesh Kumar ProfileResourcesReport error
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