UAE, Uruguay, Bangladesh admitted as new members in BRICS Bank
The five founding members of the New Development Bank include Brazil, Russia, India, China and South Africa.
The New Development Bank (NDB) on September 2, 2021 admitted United Arab Emirates, Uruguay and Bangladesh as its new members. The bank has been set up by all the nations that are part of the BRICS Bloc.
The BRICS group of nations comprise five major emerging economies- Brazil, Russia, India, China and South Africa. They economies had launched the New Development Bank in 2015.
The bank began formal talks with potential new members in 2020 in its latest expansion push.
The President of New Development Bank, Marcos Troyjo said in a statement, "New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development." He added saying, "We will continue to expand the bank’s membership in a gradual and balanced manner."
New Development Bank
•New Development Bank, formerly known as the BRICS Development Bank, is headquartered in BRICS Tower in Shanghai, China.
•The bank mainly supports public or private projects through loans, guarantees, equity participation and other financial instruments.
•The idea of setting up the bank was proposed by India during the 4th BRICS summit in 2012, which was hosted by New Delhi.
New Development Bank's Membership
•The five founding members of the New Development Bank include Brazil, Russia, India, China and South Africa.
•The bank's general strategy 2017-201 had revealed the bank's plans to expand its membership. The expansion of membership was considered to be crucial for its long-term development by helping boost the bank's business growth.
•All members of the United Nations can be the members of the bank but the share of the BRICS nations can never be less than 55 percent of voting power.
The bank aims to contribute to the development plans established nationally through socially, environmentally and economically sustainable projects.
Since its launch, the New Development Bank has signed almost 80 projects worth $30 billion in all of its five member countries stretching across different sectors including water, sanitation, transport, clean energy and digital and social infrastructure.