The Headquarters of the New Development Bank (NDB) in Shanghai, China. (Photo courtesy of the NDB website)
The agreement, published in the official gazette on Thursday, was passed by the House of Representatives in January.
In 2021, NDB Board of Governors approved the admission of Bangladesh, the UAE, Egypt, and Uruguay into the NDB family, which heralded the beginning of the bank’s expansion as a global multilateral institution.
Meanwhile, the bank’s website lists Bangladesh, the UAE, and Egypt as new members, while categorising Uruguay as a prospective member.
Established in 2015 by BRICS countries, the NDB is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries (EMDCs).
In January, Egyptian MPs highly welcomed the agreement, seeing it as a means to help reduce demand on US dollars.
"Egypt's joining of the BRICS Group's New Development Bank will also relieve the state budget of the pressure of finding US dollars to meet the country's imports as members of the bank can use their national currencies in trade exchange," Deputy Chairman of the House's Economic Committee Mohamed Abdel-Hamid said at the time.
President El-Sisi participated in two BRICS summits, in 2017 and 2022, when Egypt was invited as a guest to the BRICS Plus High-Level Dialogue in June.
President of the BRICS International Forum Purnima Anand announced last July that Egypt, Saudi Arabia, and Turkey submitted bids for joining the BRICS group.
BRICS is an important grouping bringing together the major emerging economies in the world, comprising 41 percent of the world population, having 24 percent of the world GDP and over 16 percent share in world trade, according to World Bank figures.