The BRICS New Development Bank (Russia, China, India, Brazil and South Africa) published that Egypt had become an official member of the Bank.

In a statement published, the Bank of the Prix Group noted that the expansion of the Bank's membership was in line with its development strategy.

It will be recalled that three States, Bangladesh, Uruguay and the United Arab Emirates, had previously joined the New Development Bank.

BRIX is a group of nations including Russia, China, India, Brazil and South Africa, founded in 2006. The group is the world's fastest economic growth, and the BRICS countries contribute about 22% of total world output, occupying about 26% of the world's land area.

The New Development Bank of the Brix Group was founded on the basis of an intergovernmental agreement signed at the Sixth Prix Summit in Brazil in July 2014. The new development bank of the PRIX Group is based in Shanghai.

The purpose of the Bank is to finance infrastructure and sustainable development projects in BRICS and developing countries. Since its inception, the Bank has approved some 80 projects for all its members, with a total investment of $30 billion.