New Development Bank approved the inclusion of Egypt

The NDB, which was created several years ago by the BRICS states, decided to approve the entry of a recent member into its composition. This is Egypt. An official announcement about this was posted on the bank’s website. It, in particular, notes that Egypt will receive additional opportunities to expand mutually beneficial cooperation in various fields. This is especially actual for infrastructure projects. Membership in the NDB helps Egypt to enter a stable course of economic development together with other BRICS countries. In March of this year, Russia received $1 billion from the NDB as an element of a program to combat the spread of coronavirus infection. Its total volume is $10 billion. In addition to the Russian Federation, such countries as China and Brazil, India, and the Republic of South Africa also employed the bank’s credit funds. The total amount of funds provided to address the problems involved with the pandemic is estimated at $8 billion.


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Arseny Kudrin

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