As of today, Egypt is officially a member of the BRICS bank.
The country is said to have been accepted into the financial structure, making the lender’s global reach even bigger.
The government of Egypt announced on Wednesday that Egypt is now an official member of the New Development Bank (NDB) of the BRICS group of major emerging economies.
In 2014, BRICS (Brazil, Russia, India, China, and South Africa) created the NDB to help finance infrastructure and sustainable development in BRICS member countries and other emerging economies. The NDB says that since 2016, the bank has put money into many projects, including $7.2 billion in India alone.
In July, Egypt, along with Turkey and Saudi Arabia, indicated an interest in joining BRICS, despite the fact that it has not yet joined the organisation.
Purnima Anand, the president of the BRICS International Forum, stated earlier that the country is now making preparations to submit an application for membership.
BRICS is working to build its own financial infrastructure, which will include a joint payment network. Some of its member states have already started trading in their own currencies to reduce their reliance on the US dollar and euro.
More than 40% of the world’s population and almost a quarter of the world’s GDP live in the five BRICS economies.