NDB enters expansion mode in 2022

BRICS-created development bank approved admission of Bangladesh, Egypt, UAE and Uruguay

SHANGHAI, January 13, 2022 /PRNewswire/ — The New Development Bank (NDB) – created by the BRICS (Brazil, Russia, India, China and South Africa) – begins 2022 in expansion mode after welcoming four new members the previous year.

The NDB was established 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 a solid foundation to operate at scale. After the initial establishment phase, NDB has now started to admit new members.

The Board of Governors of NDB authorized the Bank to conduct formal negotiations with potential members at the end of 2020. After a series of successful negotiations, NDB admitted four new members in 2021: Bangladesh, Egypt, the United Arab Emirates (WATER) and Uruguay.

“We are delighted to welcome Bangladesh, Egypt, WATER and Uruguay at the NDB. They bring in more than 280 million people who can benefit from the NDB’s investments in infrastructure and sustainable development,” said Mr. Marcos Troyjo, President of the NDB. “We will continue to expand the membership of the Bank in a gradual and balanced manner.”

The increase in the membership of the NDB is in line with the Bank’s strategy to position itself as the premier development institution for emerging economies and developing countries.

Since the start of its operations, NDB has approved approximately 80 projects across its members, totaling a portfolio of 30 billion US dollars. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development fall within the scope of the Bank.

Background information

NDB was created by Brazil, Russia, India, China and South Africa mobilize resources for infrastructure and sustainable development projects in the 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 100 billion US dollars, which is open for subscription by members of the United Nations.

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