Egypt approved on an agreement of establishing the New Development Bank (NDB) of the BRICS bloc and as being a new member.
The decree was passed by the house of representatives in January.
The BRICS bloc members are Brazil, Russia, India, China, and South Africa.
The NDB was established in 2015 by BRICS countries. It is a multilateral development bank that aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries.
The decree was highly welcomed by Egyptian MPs.
Egypt’s joining of BRICS new bank will help ease preasure of high demand on US dollar, needed to meet the country’s imports.
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