Development bank established by BRICS begins membership expansion
SHANGHAI, Sept. 2, 2021 /PRNewswire/ -- The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted Bangladesh as a new member.
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 is increasing its global outreach with the announcement of Bangladesh, UAE and Uruguay as the first countries admitted into the Bank.
"We are delighted to welcome Bangladesh, one of the world's fastest growing economies, into the NDB. Bangladesh joining us in the year it celebrates the 50th Anniversary of its Independence is an important milestone", said Mr. Marcos Troyjo, President of NDB.
"Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. Membership in the NDB is an important step forward in meeting the development vision of our Hon'ble Prime Minister, Sheikh Hasina. We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman", said Hon. A H M Mustafa Kamal, Minister of Finance of Bangladesh.
Bangladesh will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.
Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, 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's membership expansion is in line with the Bank's strategy to become the premier development institution for emerging market economies.
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.