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Egyptian cabinet nods to establishment of BRICS’ NDB

Egyptian cabinet nods to establishment of BRICS’ NDB

Arab Finance: The Egyptian cabinet has greenlit a presidential decree to establish the New Development Bank (NDB), affiliated to the BRICS, and Egypt’s inclusion in the bank, according to an official statement issued on December 7th.

Established in 2015 by the five leading emerging economies,  Brazil, Russia, India, China and South Africa, NDB works on supporting sustainable development and bolstering regional cooperation and integration through investing in infrastructures.

Moreover, the cabinet ratified a presidential decree amending the partnership between Egypt and the French Development Agency (AFD) for the technical cooperation project to promote teaching French language in public schools.

 

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