The New Development Bank (NDB), formed by BRICS countries (Brazil, Russia, India, China and South Africa), has welcomed the United Arab Emirates as its new member.
The Board of Governors of the NDB has given the bank permission to begin official negotiations with potential members in late 2020. The NDB authorized the admission of UAE, Uruguay, and Bangladesh as its first three-member countries after a round of successful discussions.
The NDB said in a statement that it is expanding its membership in order to achieve its goal of being the “premier development institution” for emerging economies.
Member countries’ initiatives are supported by the multilateral bank through guarantees, loans, and other financial instruments. NBD has approved around 80 projects representing a $30 billion portfolio since its inception.
Marcos Troyjo President – 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. We will continue to expand the Bank’s membership in a gradual and balanced manner.”
The UAE’s membership in the NDB is a significant step forward in enhancing the UAE economy’s global position, particularly given the country’s extensive capabilities in pandemic recovery and expertise in supporting infrastructure projects and long-term growth.
“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.
A country’s membership in the NDB becomes effective after it has been admitted and has completed its domestic processes and deposits as the instrument of accession.
