Egypt's president endorses membership in BRICS' New Development Bank

CAIRO – 30 March 2023: President Abdel Fatah al-Sisi endorsed Thursday decree no. 628/2023 approving Egypt's membership in the New Development Bank affiliated to BRICS, which had sanctioned the country's entry in December 2021.

Egypt was the fourth non-BRICS country that joined the bank after Bangladesh, UAE, and Uruguay. The New Development Bank was founded with $100 billion to finance infrastructure and sustainable development projects in member states and other developing ones.

BRICS, composed of Brazil, Russia, India, China and South Africa, represent 30 percent of world economy, 26 percent of the world's surface area, 43 percent of world population, and produce over third the quantity of grains.