The President of the New Development Bank (NDB), Mr. Marcos Troyjo, and the Minister of Finance of Egypt, H.E. Dr. Mohamed Maait, met at the 27th Conference of the Parties of the UNFCCC (COP27) in Sharm El Sheikh. They discussed plans for collaboration in the context of Egypt’s participation as a member of NDB and shared their collective vision to advance on the objectives of the 2030 Agenda.
“NDB is honored to forge a strong relationship with Egypt. We are deeply motivated by the breadth of opportunities that we have been exploring throughout COP27. NDB looks forward to advancing jointly on key issues of sustainable development across emerging economies – including climate action,” said Mr. Marcos Troyjo.
“NDB’s mandate stands in harmony with Egypt’s vision for sustainable development. Working with the Bank represents an important opportunity to drive forward on our ambitions for green and sustainable economic growth. I am delighted to take another important step towards launching our full participation in this important institution by signing today the Instrument of Accession to NDB, which will be submitted to Parliament as one of the last-step procedures before Egypt formally joins the Bank as a full member,” said H.E. Dr. Mohamed Maait.
NDB started expanding its membership in 2021 with the admission of Bangladesh, United Arab Emirates, Uruguay and Egypt. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.
The Bank’s membership expansion is in line with its strategy to become a premier development institution for emerging market economies.
NDB was established by the BRICS countries to mobilize resources for infrastructure and sustainable development projects in emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of USD 100 billion, which is open for subscription by members of the United Nations.