University's medical research council, University in Kazan, Russia

Shanghai, Dec 29 The New Development Bank (NDB), established by BRICS Brazil, Russia, India, China and South Africa in 2015, has admitted Egypt as a new member, it revealed in an official statement on Wednesday.NDB's Board of Governors had authorised the bank to conduct formal negotiations with prospective members in late 2020.After a round of successful negotiations, NDB started expanding its membership in September 2021 with the admission of Bangladesh, the United Arab Emirates (UAE) and Uruguay.Egypt is the fourth new member admitted into NDB, further expanding the bank's global outreach, the statement added."We are delighted to welcome Egypt into NDB's family. Egypt is one of the world's fastest growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions. We look forward to supporting its investment needs in infrastructure and sustainable development," Marcos Troyjo, President of NDB, was quoted as saying in the statement."Egypt is a firm believer and supporter of multilateralism. The NDB has established itself as one of the premier Multilateral Development Banks for Emerging Markets and Developing countries... NDB's strong financing capabilities and relevant expertise would help Egypt meet its financing needs and enhance its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals," said Mohamed Maait, Egypt's Minister of Finance.Egypt will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and other emerging economies and developing countries, according the bank's statement.Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of $30 billion.Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

University's Medical Research CouncilFOLLOW

University's medical research council, Latest News

Lokmat News Network Aurangabad, Jan 3: Reckitt Benckiser Group (RB Group), manufacturer of Dettol, Harpic, and other health, hygiene ... ...

Moscow, Jan 3 Russia has reported 18,233 new Covid-19 cases in the past 24 hours, taking the nationwide ... ...

Moscow, Jan 1 Streaming giant Netflix will have to stream 20 state television channels in Russia starting in ... ...

A group of former US diplomats and US national security officials called on President Joe Biden to publish a list of sanctions that Washington would immediately impose on Russia if tensions over Ukraine escalated. ...

According to the Russian Times, Russian President Vladimir Putin has submitted a bill to State Duma on Wednesday to simplify the process of attaining citizenship for people living within the border of the Soviet Union and their children. ...

Russian Foreign Ministry Spokeswoman Maria Zakharova on Thursday said that Moscow has not received any information from the Taliban side on their decision to send an envoy to Russia and mentioned that country's recognition of the Taliban's government ...

New Delhi, Dec 29 Union Minister of State for Science and Technology Jitendra Singh on Wednesday said promoting ... ...

Shanghai, Dec 29 The New Development Bank (NDB), established by BRICS Brazil, Russia, India, China and South ... ...