Banco do Brics, which includes Brazil, recognizes Egypt as a member

The New Development Bank (NDB), better known as the BRICS Bank, announced today that it has recognized Egypt as a member of the institution.

The admission marks a new advance in the organisation’s global expansion process, which in September allowed entry to Bangladesh, the United Arab Emirates and Uruguay.

The bank, which was founded in 2015 by Brazil, Russia, India, China and South Africa, has sought to expand its global reach, aiming to become an important source of financing for emerging markets.

Since its inception, around 80 projects have been approved, with a total portfolio of US$30 billion.

“Egypt is one of the fastest growing countries in the world, an important economy in the African continent and the Middle East region, as well as being a major player in development finance institutions,” said Marcos Trujo, President of the National Development Bank.

“We look forward to supporting your investments in infrastructure and sustainable development needs,” he added.

In September, Broadcast, Grupo Estado’s real-time news system, predicted that Banco do Brics intends to announce a new member on the African continent this year.

Under the bank’s statutes, any member of the United Nations (UN) could join the National Development Bank, but the focus was on developing economies.