On Wednesday, Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
Russian Foreign Minister on Potential BRICS Expansion
Egyptian President Abdel Fatah Al Sissi's cabinet ratified the agreement establishing the NDB and Egypt's accession document to that institution, which began operating in 2015 in Shanghai. From there, the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health.
"Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone," RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July.
"BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro," it added.
Currently, Egyptian President Al Sissi is in Saudi Arabia participating in the summit of Arab countries with China, the nation with the largest economy among the BRICS.
Egyptian Finance Minister Mohamed Maait affirmed his country's enthusiasm for enhancing cooperation with international development partners, especially in light of the "unprecedented development movement" he is witnessing in Cairo.
Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.