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In 2024, Egypt officially joined the BRICS bloc, bringing in a new chapter marked by economic promise alongside Saudi Arabia, the UAE, and others, and is expected to open up new horizons of global influence and investment opportunities.
The New Development Bank (NDB), the financial arm of the BRICS group, is exploring opportunities to finance projects in Egypt following the country’s recent accession to the bloc.
This was revealed by Anand Kumar Srivastava, Chief Procurement of NDB, during an interview with Asharq Bloomberg. In 2024, Egypt officially joined the BRICS bloc, bringing in a new chapter marked by economic promise alongside Saudi Arabia, the UAE, and others, and is expected to open up new horizons of global influence and investment opportunities.
During the second expanded plenary session of the BRICS Summit, President Abdel Fattah El-Sisi reaffirmed Egypt’s dedication to taking concrete steps toward development through innovative mechanisms, particularly in light of the escalating debt problem faced by developing countries and the lack of necessary financing to achieve sustainable development goals.
He emphasised the importance of the New Development Bank’s role in providing concessional financing to support development projects in these nations.
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The Egyptian president also highlighted the need to advance cooperation frameworks, particularly in financial settlements using local currencies, to promote more balanced and sustainable economic relationships.
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