Egypt has become the fourth new member of the New Development Bank (NDB) that was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) six years ago.

Key Points
• In December 2021, the New Development Bank (NDB) admitted Egypt as new member.

• Egypt is the fourth new member admitted into NDB, after Bangladesh, the United Arab Emirates (UAE) and Uruguay.

• In September 2021, NDB admitted Bangladesh, the United Arab Emirates and Uruguay as members.

• New Development Bank (NDB) was formerly referred to as the BRICS Development Bank.

• NDB is headquartered in Shanghai, China.

Since its establishment in 2015, the NDB has approved about 80 projects for its members, with a total portfolio of USD 30 billion.

Headquartered in Shanghai, the NDB was established by BRICS nations, namely Brazil, Russia, India, China, and South Africa. The bank formally opened in July 2015.