India welcomes Egypt as 4th new member of BRICS New Development Bank

Tags: International News

• India on 29th December 2021 welcomed Egypt’s entry as the fourth new member of the New Development Bank (NDB) that was established by the BRICS countries six years ago.
• The NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members in September 2021.

BRICS New Development Bank

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

• Formed in: July 2014
• Headquarters: Shanghai, China
• President: Marcos Prado Troyjo
• Members: Egypt, Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates and Uruguay