Egypt joins the BRICS new development bank

Egyptian President Abdel Fatah Al Sissi's cabinet ratified the agreement establishing the NDB and Egypt's accession document to that institution, which began operating in 2015 in Shanghai. From there, the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health.

"Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone," RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July.

"BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro," it added.