Egypt's New Partnership with BRICS: NDB Eyes Investment Opportunities

The New Development Bank (NDB), the financial arm of the BRICS group, is actively considering financing projects in Egypt following the country’s recent accession to the bloc. This was disclosed by Anand Kumar Srivastava, Chief Procurement Officer of NDB, in an interview with Asharq Bloomberg.

Egypt's official inclusion in the BRICS group in 2024 marks a new chapter in its economic journey, positioning the nation alongside other global players such as Saudi Arabia and the UAE. This move is anticipated to bring significant investment opportunities and enhance Egypt’s global influence.

At the second expanded plenary session of the BRICS Summit, President Abdel Fattah El-Sisi underscored Egypt’s commitment to advancing development through innovative strategies, especially in response to the growing debt challenges faced by developing countries and the shortage of financing required to meet sustainable development goals.

He also emphasized the vital role of the New Development Bank in providing concessional financing to support development projects in these nations. The president further stressed the importance of enhancing cooperation frameworks, particularly in financial transactions using local currencies, to foster more balanced and sustainable economic relations.