In 2023, which country became a new member of the brics-backed new development bank?

General
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in 2023, which country became a new member of the brics-backed new development bank?

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In 2023, which country became a new member of the BRICS-backed New Development Bank?

Answer:
In 2023, Egypt became a new member of the BRICS-backed New Development Bank (NDB).

Detailed Explanation:

**1. Background of the New Development Bank (NDB):

  • The New Development Bank, also referred to as the BRICS Bank, was established in 2014 by the BRICS countries—Brazil, Russia, India, China, and South Africa. The primary aim of the NDB is to support infrastructure and sustainable development projects in BRICS and other emerging economies.

**2. Egypt’s Membership:

  • In December 2021, the NDB announced that it had accepted Egypt as a prospective member, and in 2023, Egypt formally joined the bank as a member. This was a strategic move to enhance collaboration between emerging economies and strengthen economic ties among NDB member countries.

**3. Significance for Egypt:

  • Egypt’s membership in the NDB is expected to bolster its infrastructure development projects, provide financial support for sustainable development initiatives, and improve the country’s integration into the global financial system. As a member, Egypt can access financing for major projects, benefiting from the bank’s resources and expertise.

**4. Global Implications:

  • The inclusion of Egypt as a member reflects the NDB’s commitment to expanding its reach beyond the original BRICS countries, aiming to foster greater international cooperation and support for development projects in other developing nations. This broadens the scope of the bank and reinforces its role as a significant player in global infrastructure financing.

Final Answer:
In 2023, Egypt became a new member of the BRICS-backed New Development Bank (NDB).