New Development Bank

Multilateral development bank of the BRICS states / From Wikipedia, the free encyclopedia

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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
AbbreviationNDB, or NDB BRICS
FormationJuly 2014 (Treaty signed)
July 2015; 8 years ago (July 2015) (Treaty in force)
TypeInternational financial institution
Legal statusTreaty
HeadquartersShanghai, China
Coordinates31°11′21″N 121°29′45″E
Flag_of_Bangladesh.svg Bangladesh
Flag_of_Brazil.svg Brazil
Flag_of_the_People%27s_Republic_of_China.svg China
Flag_of_Egypt.svg Egypt
Flag_of_Ethiopia.svg Ethiopia[lower-alpha 1]
Flag_of_India.svg India
Flag_of_Iran.svg Iran[lower-alpha 2]
Flag_of_Russia.svg Russia
Flag_of_Saudi_Arabia.svg Saudi Arabia[lower-alpha 3]
Flag_of_South_Africa.svg South Africa
Flag_of_the_United_Arab_Emirates.svg United Arab Emirates
Flag_of_Uruguay.svg Uruguay
Official language
Dilma Rousseff
Parent organization

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]

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