BRICS Bank

• Honduras President recently requested the country’s admission to the BRICS-led New Development Bank (NDB).

ABOUT NEW DEVELOPMENT BANK (NDB):

• The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
• The idea of setting up NDB was first conceived in 2012 during BRICS Summit in New Delhi, India.
• Agreed by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
• It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
• The Bank formally came into existence as a legal entity in 2015.
• It is headquartered at Shanghai, China.
• The Bank has an initial authorized capital of 100 billion dollars and an initial subscribed capital of 50 billion dollars.

MEMBERS:

• The Bank’s membership is open to members of the UN.
• While new members can join the NDB, the five BRICS countries will retain a minimum of 55% of total shares.

CURRENT MEMBERS:

• Brazil
• Russia
• India
• China
• South Africa
• Bangladesh
• UAE
• Egypt

OBJECTIVES:

• Fostering development of member countries.
• Supporting economic growth.
• Promoting competitiveness and facilitating job creation.
• Building a knowledge sharing platform among developing countries.