New Development Bank

The New Development Bank (NDB) was set up in 2015 by the BRICS nations (Brazil, Russia, India, China and South Africa) to support infrastructure projects and sustainable development through loans, guarantees, equity participation and other financial instruments. Since its launch, the bank provided financial assistance to around 80 projects worth 30 billion USD to all five member countries across various sectors.
The New Development Bank recently included United Arab Emirates, Uruguay and Bangladesh as its new members. After the initiation of talks with the potential new members last year, this is the first expansion push by the NDB. It was announced that more new members will be included in the bank a gradual and balanced members.