The Shanghai-based New Development Bank (NDB) has approved the United Arab Emirates, Uruguay and Bangladesh as its new member countries. In 2020, the NDB Board of Governors initiated the negotiation to expand its membership. As a result UAE, Uruguay and Bangladesh have been admitted as the first new member countries of the NDB.
NDB was established by the BRICS (Brazil, Russia, India, China and South Africa) countries in 2015. The bank supports public or private projects through loans, guarantees, equity participation and other financial instruments.
Important takeaways for all competitive exams:
- New Development Bank Headquarter: Shanghai, China;
- New Development Bank President: Marcos Prado Troyjo;
- New Development Bank Founder: BRICS;
- New Development Bank Founded: 15 July 2014.