BRICS bank NDB admits UAE, Uruguay, Bangladesh as new members

PTIUpdated: Thursday, September 02, 2021, 07:27 PM IST
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Launched in 2015 by Brazil, Russia, India, China and South Africa (BRICS), a group of major emerging economies, the Shanghai-headquartered bank mobilises resources for infrastructure and sustainable development projects |

The New Development Bank (NDB) set up by the BRICS group of nations has admitted the United Arab Emirates, Uruguay and Bangladesh as the first batch of new members as part of its expansion drive, the bank announced on Thursday.

Launched in 2015 by Brazil, Russia, India, China and South Africa (BRICS), a group of major emerging economies, the Shanghai-headquartered bank mobilises resources for infrastructure and sustainable development projects in their respective countries and other developing nations, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

NDB has initiated its membership expansion and started formal negotiations with prospective members in late 2020, the bank said in a press release.

After a round of successful negotiations, NDB approved the admission of the UAE, Uruguay and Bangladesh as its first new member countries, it said.

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, NDB President Marcos Troyjo said.

We will continue to expand the bank’s membership in a gradual and balanced manner, he said.

NDB has an authorised capital of $100 billion, which is open for subscription by members of the United Nations, the press release said.

Since the beginning of its operations, NDB approved about 80 projects in all of its members, totalling a portfolio of $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, the release said.

Commenting on the admission of the UAE, Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE, said it “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.

Uruguay’s economy and finance minister Azucena Arbeleche said the country sees in the NDB a great opportunity to harness cooperation with its member nations, aiming to achieve stronger international integration in trade and cross-border investment flows.

Bangladesh’s finance minister A H M Mustafa Kamal said, “Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence.”

“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, he said.

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