Greater Middle East (bbabo.net), - The Egyptian Parliament has ratified the agreement previously approved by the Egyptian government on Egypt's accession to the New Development Bank of the BRICS Group (NDB). This was reported by the trade representation of Russia in Egypt.
In December 2022, the Egyptian Council of Ministers announced its decision to join the BRICS financial institution following a proposal by President Abdel Fattah al-Sisi.
According to Egyptian parliamentarians, the agreement will help reduce the demand for the US dollar, since the members of the NDB can use their national currencies in bilateral trade. This move also opens up new opportunities for economic cooperation with the BRICS.
bbabo.net recalls that Brazil, Russia, India, China and South Africa created the New Development Bank in 2014 to finance infrastructure and sustainable development projects.