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IndiaIndia has welcomed Egypt as the fourth new member of BRICS New Development Bank. The External Affairs Ministry Spokesman Arindam Bagchi said, Bangladesh, UAE, and Uruguay joined in September this year. Mr. Bagchi said, membership expansion enables New Development Bank to position itself as a premier development institution for emerging economies. The New Development Bank aims to mobilize resources for development projects in BRICS, emerging economies, and developing countries.
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley where most economic activity takes place. Egypt’s economy was highly centralized but has opened up considerably now. Agriculture, hydrocarbons, manufacturing, tourism, and other service sectors drive the country’s relatively diverse economic activity.