The New Development Bank (NDB) of the BRICS group of major emerging economies has welcomed Egypt to the Brics alliance, according to an announcement by the Egyptian government Wednesday.

Established in 2014, the New Development Bank was created by the BRICS alliance (Brazil, Russia, India, China, South Africa) as a finance vehicle for sustainable development and infrastructure in member states, as well as in other emerging economies. The bank has numerous investment projects in has engaged in since 2016, including $7.2 billion aiding development in India.

In July, Egypt had expressed an interest in becoming a member of BRICS, as did Turkey and Saudi Arabia. BRICS International Forum President Purnima Anand noted earlier that Egypt was preparing to officially apply for membership.

BRICS is in the process of creating its own financial infrastructure. This will include a joint-payer network. Experts have noted that some states have already switched to trading in local currencies, as a means of reducing reliance on the US dollar and Euro.

The five economies which presently make up the BRICS Alliance account for nearly 25% of the world’s GDP and have among them more than 40% of the world’s population.