New Development Bank admits UAE, Uruguay and Bangladesh as new members

Why in News? 

The New Development Bank (NDB) established by the BRICS countries in 2015 has approved Bangladesh as its new member. The NDB Board of Governors initiated the negotiation to expand its membership in 2020. It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.

What is New Development Bank? 

The New Development Bank (NDB), formerly referred to as the BRICS development bank, is a multilateral development bank established by BRICS States ( Brazil, Russia, India, China and South Africa).

The initial authorised capital of the bank is $100 billion divided into 1 million shares having a par value of $100,000 each. The initial subscribed capital of the NDB is $50 billion divided into paid-in shares ($10 billion) and callable shares ($40 billion). The initial subscribed capital of the bank was equally distributed among the founding members.

¤ Every member country has one vote no one would have any Veto powers. 

Member Countries of New Development Bank(NDB) 

Bangladesh 

Brazil 

Russia 

India 

China 

South Africa 

United Arab Emirates 

Uruguay 

Objectives of New Development Bank (NDB) 

¤ Fostering development of member countries. 

¤ Supporting economic growth. 

¤ Promoting competitiveness and facilitating job creation. ¤ Building a knowledge sharing platform among developing countries.

Key ares of operation

¤ Clean energy; 

¤ Transport infrastructure; 

¤ Irrigation, water resource management and sanitation; 

¤ Sustainable urban development; 

¤ Economic cooperation and integration among member countries.

NDB Headquarters : Shanghai, China

Official Language : English

President : Marcos Prado Troyjo