Development bank established by BRICS begins membership expansion
The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted Uruguay 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 Uruguay, UAE and Bangladesh as the first countries admitted into the Bank.
“It’s a great joy to welcome Uruguay into the NDB family. It’s the first Latin American country to join the Bank as a new member”, said Mr. Marcos Troyjo, President of NDB.
“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.
Uruguay 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.
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.