Discussed: benefits of Egypt's joining BRICS's new development bank
The Parliament approved an agreement that allows Egypt to join BRICS group's New Development Bank, which comes as a significant addition that supports development plans and priorities of the country, and enhance Egypt's ability to achieve its economic, political and social objectives.
In this regard, Egypt Today reviews benefits of Egypt's joining of the agreement in light of the parliamentary report of the Economic Affairs Committee:
1- The New Development Bank works to support sustainable development and enhance regional cooperation and integration by investing mainly in the field of infrastructure, which includes various sub-sectors in infrastructure such as: energy, transportation, water, and communications.
2- The bank's operations include the health and social infrastructure sectors, and the bank's activity extends to the field of digitization due to the negative economic effects resulting from the Corona pandemic (Covid 19) on the global economy.
3- With regard to environmental, social and procurement standards, the New Development Bank uses the national standards of the operating countries only. The New Development Bank aims to provide the necessary resources and provide technical assistance for the implementation of projects related to the national development priorities of the member states.