Presented as an alternative to the World Bank and IMF for the BRICS countries (Brazil, Russia, India, China and South Africa), the New Development Bank (NBD), created in 2014, has just announced the welcome of Egypt as a new member. A decision that will allow Cairo to move towards new decisive investments in sustainable and urban development, among others.
An important step for the economic development of Egypt
“The New Development Bank (NDB) is a new platform for Egypt to strengthen its cooperation with BRICS countries and other emerging and developing economies in the field of infrastructure and sustainable development” said Mohamed Maait, Egyptian Minister of Finance, following the announcement of this new membership.
And for good reason, the NBD has already deployed 30 billion dollars to finance about 80 projects on diversified sectors but essential for the member countries, such as water purification, energy transition, urban development, social infrastructure, among others. Egypt is the fourth country, after Bangladesh, the United Arab Emirates and Uruguay, to join the NBD and its founding countries, the BRICS. This is a promising sign of more collaboration between the emerging economies of the South countries.
An alternative to the traditional international financial support system
The NBD wants to become the reference bank for emerging and developing countries. Through this, the BRICS want to establish an international monetary and banking system that is no longer dependent on the major economic powers. Therefore, the accession of Egypt to this development bank is a virtuous collaboration for all economic actors of the NBD.
And this is confirmed by Marcos Trujjo, its President: “We are pleased to welcome Egypt to the New Development Bank family, as it is one of the fastest growing countries in the world, with a leading economy in the Middle East and North Africa, in addition to being a major player in international development finance institutions. We look forward to supporting and addressing Egypt’s investment needs in the areas of infrastructure and sustainable development.”
Decisive projects and partnerships are thus in store for the development of Egypt, which also aims, like Saudi Arabia and the United Arab Emirates, to achieve key goals for its Vision 2030 program.