Recently, Egypt has joined the New Development Bank. Egypt has become the fourth new member country, after Bangladesh, the United Arab Emirates (UAE) and Uruguay. This has further expanded the global reach of this bank.
New Development Bank (NDB) was established in the year 2015 by the BRICS nations. It’s headquarter is located in Shanghai.
The objective of the NDB is to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries.
This would complement the existing efforts of multilateral and regional financial institutions for global growth and development.
Source – The Hindu