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New Development Bank admits 3 countries as new members

New Development Bank admits 3 countries as new members

  • NDB, set up by the BRICS group of nations has admitted the United Arab Emirates, Uruguay and Bangladesh as the first batch of new members as part of its expansion drive.
  • NDB has initiated its membership expansion and started formal negotiations with prospective members in late 2020.
  • After approval of the Board, the country is required to complete its domestic processes and deposit the instrument of accession.

About New Development Bank (NDB)

  • NDB was launched in 2015 as a multilateral development bank (MDB) established by Brazil, Russia, India, China and South Africa (BRICS) with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
  • NDB’s work complements the efforts of multilateral and regional financial institutions, toward global growth and development.
  • The Bank is headquartered in Shanghai, China with regional offices in South Africa and Brazil.
  • NDB has an authorised capital of USD 100 billion, which is open for subscription by members of the United Nations, the press release said.

Work of NDB

  • Since the beginning of its operations, NDB approved about 80 projects in all of its members, totalling a portfolio of USD 30 billion.
  • Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the bank.
  • The Bank provides technical assistance for projects and engages in information, cultural and personnel exchanges with the purpose of contributing to the achievement of environmental and social sustainability.