New Development Bank (NDB)
Why it Matters?
India reaffirmed its leadership in the Global South at the 10th NDB meeting in Brazil, highlighting its resilient economy and commitment to inclusive, sustainable, and innovation-driven development.
What You Should Know?
The New Development Bank (NDB) was established in 2015 by the BRICS countries: Brazil, Russia, India, China, and South Africa.
It has its headquarters in Shanghai, China.
The purpose of the NDB is to mobilise resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
Its current members include Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates (UAE), Egypt, and Algeria.
As per Article 2 of the NDB agreement, membership is open to all members of the United Nations, including both borrowing and non-borrowing members.
Uruguay is a prospective member, having been admitted by the NDB’s Board of Governors, and will officially become a member upon depositing its instrument of accession.
The initial authorised capital of the bank is $100 billion, out of which the five founding BRICS members equally share $50 billion.
Each founding member holds an equal share of $10 billion in the bank’s capital structure.