New Development Bank

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).[1] According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."[1]

Quick facts: Abbreviation, Formation, Type, Legal status, ... ▼

New Development Bank

NDB headquarters in Shanghai, China
Membership of the New Development Bank
Abbreviation	NDB, or NDB BRICS
Formation	July 2014 (Treaty signed) July 2015; 8 years ago (July 2015) (Treaty in force)
Type	International financial institution
Legal status	Treaty
Headquarters	Shanghai, China
Coordinates	31°11′21″N 121°29′45″E
Membership	Bangladesh  Brazil  China  Egypt  Ethiopia[lower-alpha 1]  India  Iran[lower-alpha 2]  Russia  Saudi Arabia[lower-alpha 3]  South Africa  United Arab Emirates  Uruguay
Official language	English
President	Dilma Rousseff
Parent organization	BRICS
Website	www.ndb.int

The initial authorized capital of the bank is $100 billion divided into 1 million shares having a par value of $100,000 each. The initial subscribed capital of the NDB is $50 billion divided into paid-in shares ($10 billion) and callable shares ($40 billion). The initial subscribed capital of the bank was equally distributed among the founding members (Brazil, Russia, India, China, South Africa). The Agreement on the NDB specifies that every member will have one vote and that no member would have any veto powers .[1]

The bank is headquartered in Shanghai, China.[2] The first regional office of the NDB is in Johannesburg, South Africa.[3] The second regional office was established in 2019 in São Paulo, Brazil, followed by GIFT City, India and Moscow, Russia.[4]