Egypt's parliament approves joining BRICS affiliated bank "NDB"

The Egyptian Parliament approved on Sunday the decision of President Abdel Fattah El-Sisi, regarding the agreement to join the New Development Bank (NDB) affiliated with the BRICS bloc, and Egypt's accession document.

The House of Representatives had referred, on January 15, to a joint committee from the Economic Affairs Committee and committee offices regarding the approval of the agreement establishing the new development bank affiliated with the "BRICS" bloc and Egypt's accession document to the bank.

Through its accession to the agreement, Egypt aims to benefit from the areas that fall within the various activities of the bank, including supporting sustainable development and enhancing regional cooperation and integration by investing mainly in the field of infrastructure, which includes various sub-sectors in infrastructure such as: energy, transportation, and water issues, and communications.