India welcomed Egypt’s accession as the fourth new member of the New Development Bank (NDB) established by the BRICS countries.
- NDB recognized Bangladesh, United Arab Emirates (UAE) and Uruguay as new members in September 2021.
- Membership upgrade enables New Development Bank to qualify as a a leading development institution for emerging economies.
- The NDB said it had roughly approved so far 80 projects in all member countries with a total portfolio of 30 billion US dollars.
The new development bank
- The new development bank, formerly known as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries.
- The new development bank aims to mobilize resources for development projects in BRICS, emerging and developing countries.
- The bank is headquartered in Shanghai, China. the The first regional office of the NDB is located in Johannesburg, South Africa. the The second regional office was established in São Paulo, Brazil, in 2019, followed by Moscow, Russia.
- NDB was efounded by Brazil, Russia, India, China and South Africa to Mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.
- Projects in areas such as Transport, water and wastewater, clean energy, digital infrastructure, social infrastructure and urban development are funded by the NDB.
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