India on December 30 welcomed Egypt's entry as the fourth new member of the New Development Bank (NDB) that was established by the BRICS countries six years ago.
The NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members in September.
External Affairs Ministry Spokesperson Arindam Bagchi said that expansion of the membership by the NDB will help it position as a premier development institution for emerging economies.
"India welcomes Egypt as the fourth new member of #BRICS #NewDevelopmentBank family. Bangladesh, UAE & Uruguay joined in Sep 2021.
Membership expansion enables @NDB_in to position itself as a premier development institution for emerging economies," he tweeted.
The BRICS (Brazil-Russia-India-China-South Africa) set up the bank with an aim to mobilise resources for infrastructure and sustainable development projects in emerging economies.
The BRICS brings together five of the largest developing countries of the world, representing 41% of the global population, 24% of the global GDP and 16% of the global trade.
"We are delighted to welcome Egypt into NDB's family. Egypt is one of the world's fastest-growing countries, a major economy in the African continent and the Middle East region as well as a key player in development finance institutions," said Marcos Troyjo, President of NDB.
"We look forward to supporting its investment needs in infrastructure and sustainable development," he said.
The NDB said it has so far approved about 80 projects in all of its member countries, totalling a portfolio of $30 billion.
Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the bank.
A statement by the bank said its membership expansion is in line with its strategy to become the premier development institution for emerging economies and developing countries.
"Egypt fully embraces the decision to join the NDB family and looks forward to building a strong partnership and engagement with the bank over the coming years," said Mohamed Maait, Minister of Finance of Egypt.