Egypt has been admitted as a new member of the New Development Bank (NDB), which was founded in 2015 by the BRICS countries of Brazil, Russia, India, China, and South Africa. The Board of Governors of the NDB had given the bank permission to begin official negotiations with potential members in late 2020.

With the entrance of Bangladesh, the United Arab Emirates (UAE), and Uruguay in September 2021, the NDB began increasing its membership after a series of successful negotiations. Egypt is the bank's fourth new member, significantly expanding the bank's global reach, according to the statement.

"We are delighted to welcome Egypt into NDB's family. Egypt is one of the world's fastest-growing economies, a major economy in Africa and the Middle East, and a major player in development financing institutions. We look forward to assisting it with its infrastructure and long-term development needs "NDB President Marcos Troyjo was cited in the announcement as saying.

"Egypt is a strong supporter and believer in multilateralism. The NDB has established itself as one of the most important multilateral development banks for emerging markets and developing countries... The NDB's strong financing capabilities and relevant expertise would assist Egypt in meeting its financing needs and enhancing its efforts to upgrade its infrastructure base while also meeting its ambitious SDG goals "Egypt's Finance Minister, Mohamed Maait, said as much.

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