BRICS New Development Bank

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Context: India welcomes Egypt as 4th member of BRICS New Development Bank.

About New Development Bank:

• It aims to mobilize resources for development projects in BRICS, emerging economies, and developing countries.
• It formerly referred to as the BRICS Development Bank.
• It is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
• It support public or private projects through loans, guarantees, equity participation and other financial instruments.
• The bank is headquartered in Shanghai, China.
• In September 2021, Bangladesh, the United Arab Emirates and Uruguay joined the NDB.
• In December 2021, the NDB admitted Egypt as new member.

https://newsonair.gov.in/News?title=India-welcomes-Egypt-as-4th-member-of-BRICS-New-Development-Bank&id=432396