SHANGHAI, March 22. /TASS/. Egypt has officially become a new member of the New Development Bank (NDB) created by BRICS member states (Brazil, Russia, India, China and South Africa) after completing the necessary procedures, according to an update on the composition of the bank posted on the website of the financial institution on Wednesday.

Egypt was officially given status as a member on February 20, 2023, though a respective notification only appeared on March 22, according to the update.

The NDB board of governors authorized the bank to hold official talks with new potential member states in late 2020. After successful talks, the NBD approved Egypt’s accession in December 2021, while in September 2021 a similar decision was made regarding the United Arab Emirates (UAE), Uruguay and Bangladesh. With the exception of Uruguay, they all became members of the bank after jumping through the necessary hoops.

The New Development bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries. The bank previously receivedan "АА+" international credit rating from Fitch Ratings and S&P Global Ratings, allowing it to effectively attract long-term funding on international and local capital markets.

Since its founding, the bank has approved more than 90 projects totaling $32 bln in support of such areas as transportation, water, clean energy, digital and social infrastructure, as well as urban construction.