Egypt joins BRICS New Development Bank (NDB) after President Abdel-Fattah El-Sisi's visit to India.


What is BRICS

BRICS is an acronym for 5 emerging economies of the world  – Brazil, Russia, India, China, and South Africa. 

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The term BRIC was coined by Jim O'Neil (a Goldman Sachs economist), the chairman of Goldman Sachs in 2001. The first BRIC summit took place in the year 2009 in Yekaterinburg (Russia). In 2010, South Africa formally joined the association making it BRICS.


The BRICS New Development Bank (NDB) is a multilateral development bank founded by Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development efforts in emerging economies.


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Aims

  • BRICS aims to support infrastructure and sustainable development efforts in BRICS.
  • other underserved, emerging economies for faster development through innovation and cutting-edge technology.

The bank is headquartered in Shanghai, (China) and received observer status in the United Nations General Assembly in 2018.


Benefits of NDB Membership

  • As a member of the NDB, countries can access funding for their infrastructure and development projects.
  • The bank also promotes intra-BRICS trade using national currencies, allowing member nations to safeguard their foreign exchange reserves.
  • Membership in the NDB is considered a significant step in achieving 
  • sustainable development goals and reducing dependence on US dollars.


Country Name                 Date of Joining

Brazil                         July 2015

Russia                         July 2015

India                                 July 2015

China                         July 2015

South Africa                 July 2015

Bangladesh                 September 2021

United Arab Emirates September 2021

Uruguay                         September 2021

Egypt                         December 2021


China was the host of the XIV BRICS Summit. It was the third time, China hosted the summit, the first being in 2011 and the other in 2017. It culminated in Beijing Declaration. The 2023 edition of the BRICS summit is slated to take place in August 2023 in South Africa.