Development bank established by BRICS approved the admission of Bangladesh, Egypt, UAE and Uruguay
SHANGHAI, Jan. 13, 2022 /PRNewswire/ — The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) – is starting 2022 in expansion mode after welcoming four new members in the previous year.
NDB was created in 2015 with the aim of becoming a global development bank to mobilize resources for infrastructure and sustainable development. During its first years of operation, the Bank focused on building solid foundations to operate at scale. After the initial establishment phase, NDB has now started admitting new members.
NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB has admitted four new members in 2021: Bangladesh, Egypt, the United Arab Emirates (UAE) and Uruguay.
“We are delighted to welcome Bangladesh, Egypt, UAE and Uruguay to the NDB. They bring over 280 million people that can benefit from NDB’s investments in infrastructure and sustainable development”, said Mr. Marcos Troyjo, President of NDB. “We will continue to expand the Bank’s membership in a gradual and balanced manner”.
NDB’s membership expansion is in line with the Bank’s strategy to be positioned as the premier development institution for emerging economies and developing countries.
Since the beginning of its operations, NDB approved about 80 projects in all of its members, totaling a portfolio of US$ 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.
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.