The country has reportedly been welcomed into the financial structure, further expanding the lender’s global reach
Egypt has officially become a member of the New Development Bank (NDB) of the BRICS group of major emerging economies, the country’s government announced on Wednesday.
The NDB was established by BRICS (Brazil, Russia, India, China, South Africa) in 2014 to finance infrastructure and sustainable development in member states and other emerging economies. Since 2016, the bank has invested in multiple projects, including $7.2 billion in India alone, according to the NDB.
Egypt, which has so far not joined BRICS, expressed an interest in becoming a member in July, along with Turkey and Saudi Arabia. It is now preparing to apply for membership, BRICS International Forum President Purnima Anand earlier said.
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 US dollar and euro.
The five BRICS economies currently account for more than 40% of the world’s population and nearly a quarter of global GDP.
https://www.rt.com/business/567847-egypt-joins-brics-development-bank/
Russian Foreign Ministry spokeswoman Maria Zakharova earlier said that the treaty provides for various forms of bilateral cooperation.
The comprehensive strategic partnership agreement between Russia and Iran has entered into force, Iranian Ambassador to Russia Kazem Jalali told Sputnik.
"It is already binding," Jalali said when asked about the date of entry into force of the agreement, as well as whether Iran had notified Russia of the completion of internal procedures.
He recalled that the treaty was ratified by both chambers of the Russian parliament, and Russian President Vladimir Putin signed it. At the same time, the document was ratified by the Iranian parliament, approved by the Guardian Council, and the president issued it as a law.
"Therefore, in both countries it currently has the form of a law and, naturally, has entered into force," Jalali said.
On January 17, Putin and his Iranian counterpart, Masoud Pezeshkian, met in Moscow to sign the Comprehensive Strategic ...
Defying the United States threats, ministers from more than 30 nations have packed Bogotá’s San Carlos Palace to charge the Israeli regime with genocide over its October 2023-present brutal military assault against the Gaza Strip.
The dramatic display of international solidarity saw dozens of high-ranking officials from across the globe convene inside the stately palace on Tuesday, determined to hold the regime accountable for, what they unequivocally called, a “war of genocide.”
The two-day emergency summit, organized under the auspices of The Hague Group -- a coalition co-chaired by Colombia and South Africa -- had representatives, ranging from such countries as Algeria and Brazil to Pakistan and Spain, in attendance.
The participants described the drive as a coordinated effort to stop the Israeli atrocities.
Behind closed doors, ministers and envoys, meanwhile, engaged in intensive sessions aimed at drafting collective measures to pressure the regime -- steps expected to be unveiled by ...
