NDB initiates membership expansion, extends global outreach


    Development bank established by BRICS welcomes the admission of UAE, Uruguay and Bangladesh as new members

    SHANGHAI, Sept. 2, 2021 /PRNewswire/ -- The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has initiated its membership expansion.

    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 approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries.

    "We are delighted to welcome the UAE, Uruguay and Bangladesh to the NDB family. New members will have in NDB a platform to foster their cooperation 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".

    "The United Arab Emirates' membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies", said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.  

    "Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows", said H.E. Azucena Arbeleche, Minister of Economy and Finance of Uruguay.

    "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.

    Once admitted, a country's membership to NDB becomes effective when it completes its domestic processes and deposits the instrument of accession.

    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's membership expansion is in line with the Bank's strategy to be positioned as the premier development institution for emerging economies.

    Background information

    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.

     

    Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
    PR Newswire is the premier global provider of news release distribution and multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry since 1954, PR Newswire today provides end-to-end solutions to produce, optimize and target content – from rich media to online video to multimedia – and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world's largest multi-channel distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a Cision company.

    RELATED NEWS