New Development Bank (NDB)

Current Context: Algeria has officially joined the New Development Bank (NDB) as its ninth member, marking a significant expansion of the bank’s membership beyond the original BRICS nations.

About New Development Bank (NDB):

• Establishment: Founded in 2015 by the BRICS countries—Brazil, Russia, India, China, and South Africa.
• Headquarters: Shanghai, China.
• Purpose: To mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
• Membership: Now includes Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates, Egypt, and Algeria.
  • Uruguay has been admitted as a prospective member, pending the completion of formalities.
• Voting Power: Combined voting power of the founding members must not be less than 55%.