The New Development Bank (NDB), established by BRICS (Brazil, Russia, India, China, and South Africa) in 2015, welcomes the admission of the United Arab Emirates (UAE), Uruguay, and Bangladesh.
Formal negotiations with prospective members started in late 2020 when the Board of Governors gave the authorization. Successful negotiations resulted in the first new member countries being approved by NDB.
“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”, said Mr. Marcos Troyjo, President of NDB. “We will continue to expand the Bank’s membership in a gradual and balanced manner”.
“The United Arab Emirates’ membership in the New Development Bank 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. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies”, said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.
“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.
“Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. Membership in the NDB is an important step forward in meeting the development vision of our Hon’ble Prime Minister, Sheikh Hasina. 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”, said Hon. A H. M. Mustafa Kamal, Minister of Finance of Bangladesh.
After successful admission, memberships to NDB become effective when it completes its domestic processes and deposits the instrument of accession.
The membership expansion furthers the Bank’s strategy to be positioned as the premier development institution for emerging economies. Funding projects in member countries in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure, and urban development, NDB has a portfolio of projects totaling US$ 30 billion.