India has welcomed Egypt as the fourth new member of the New Development Bank (NDB).<\/span><\/p>\n It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th<\/sup> BRICS Summit in Fortaleza, Brazil in 2014. The Bank formally came into existence in 2015.<\/span><\/p>\n Purpose: <\/b>To mobilise resources for infrastructure and sustainable development projects in emerging economies.<\/span><\/p>\n Projects:<\/b> 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.<\/span><\/p>\n Members: <\/b>Brazil, Russia, India, China, South Africa, <\/span>Bangladesh, United Arab Emirates (UAE) Uruguay and Egypt.<\/span><\/p>\n UN Observer Status:<\/b> In 2018, the NDB received observer status in the UN General Assembly, establishing a firm basis for active and fruitful cooperation with the United Nations.<\/span><\/p>\n The Bank’s Articles of Agreement <\/b>specify that all members of the United Nations could be members of the bank.However, the share of the BRICS nations can never be less than 55% of voting power.<\/span><\/p>\n Headquarters: <\/b>Shanghai, China.<\/span><\/p>\n Source: <\/b>This post is based on the article <\/span>\u2018<\/b>India welcomes Egypt as member of New Development Bank of BRICS<\/b>\u2019 <\/b>published in<\/span> The Hindu <\/b>on 1st<\/sup> Jan 2021.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" What is the news? India has welcomed Egypt as the fourth new member of the New Development Bank (NDB). Note: In September 2021, NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members. What is the New Development Bank (NDB)? It is a multilateral development bank jointly founded by the BRICS countries… Continue reading India welcomes Egypt as member of New Development Bank of BRICS<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,9],"tags":[10498],"class_list":["post-157994","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-public","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/157994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=157994"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/157994\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=157994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=157994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=157994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n\n
\n Note: <\/b>In September 2021, NDB admitted Bangladesh, United Arab Emirates (UAE) and Uruguay as its new members.<\/span><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n What is the New Development Bank (NDB)?<\/b><\/h5>\n