Egypt is moving forward with the procedures of officially joining the New Development Bank (NDB), which was established by the BRICS countries to enhance cooperation in infrastructure and sustainable development.
The Egyptian parliament is scheduled to officially discuss the final procedures for Cairo to join the Bank in the coming weeks.
BRICS is a prominent global economic bloc that includes Brazil, Russia, India, China, and South Africa. Algeria recently announced its desire to join the coalition.
Egyptian Finance Minister Mohamed Maait affirmed his country's keenness to enhance cooperation with international development partners, especially in light of the unprecedented development movement in Cairo.
Maait hoped this would lay the foundations of comprehensive and sustainable development, provide investment and development opportunities, improve citizens' living standards, meet their development needs, and improve the quality of public services.
During his meeting with the NDB President, Marcos Troyjo, the minister added that Egypt looks forward to building a solid partnership with the Bank, which has enormous financing capabilities, international expertise, and advanced infrastructure to help Egypt meet its financing needs and maximize its efforts to develop infrastructure.
Maait explained in a press statement by the Ministry of Finance that the NDB is a new platform for Egypt to enhance cooperation with BRICS countries and other emerging and developing economies' infrastructure and sustainable development.
He pointed out that the New Development Bank's strategy is in line with Egypt's vision for sustainable development, asserting that Cairo looks forward to strengthening cooperation between the two sides to achieve green and sustainable economic growth.
For his part, Troyjo said that the New Development Bank is proud of establishing a solid relationship with Egypt, especially in light of the promising opportunities explored together during the UN Climate Summit (COP27).
NDB aspires to jointly advance on key sustainable development issues across emerging economies, including climate action, said Troyjo.
Russia established the BRICS on September 20, 2006, when the group's first ministerial meeting was held on the sidelines of the United Nations General Assembly.
During the BRICS summit in Brazil in 2014, the official agreed to establish a development bank and adopt a treaty to set up an emergency reserve for the group, which now owns a total of $200 billion.
BRICS established the Bank to mobilize resources for infrastructure and sustainable development projects in emerging market economies and developing countries.
The initial authorized capital of the Bank is $100 billion divided into 1 million shares having a par value of $100,000 each. It is open for subscription for UN members.
The New Development Bank has begun to expand its membership in 2021, accepting Bangladesh, the UAE, Uruguay, and Egypt.