New Development Bank
NDB headquarters in Shanghai, China | |
| Abbreviation | NDB |
|---|---|
| Formation | July 2014 (Treaty signed) July 2015 (Treaty in force) |
| Type | International financial institution |
| Legal status | Treaty |
| Headquarters | Shanghai, China |
| Coordinates | 31°11′21″N 121°29′45″E / 31.18917°N 121.49583°E |
| Membership | Algeria Bangladesh Brazil Colombia China Egypt India Russia South Africa United Arab Emirates Uruguay Uzbekistan Indonesia |
Official language | English |
President | Dilma Rousseff |
Parent organization | BRICS |
| Website | www |
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa).[1] According to the agreement, "the bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments" and "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the bank."[2]
The initial authorized capital of the bank was US$100 billion divided into one million shares having a par value of US$100,000 each. The initial subscribed capital of the bank was US$50 billion divided into US$10 billion in paid-in shares and US$40 billion in callable shares. It was equally distributed among the five founding members–Brazil, Russia, India, China, South Africa. The agreement on the NDB specifies that each founding member will have one vote and that no member would have any veto powers.[2]
The bank is headquartered in Shanghai, China.[3] The first regional office of the bank was opened in Johannesburg, South Africa in 2016.[4] Subsequently, regional offices were established in São Paulo in Brazil, Ahmedabad in India and Moscow in Russia.[5]
- ^ "New Development Bank (NDB)". Union of International Associations. 2024. Retrieved 29 January 2025.
- ^ a b "Agreement on the New Development Bank" (PDF). New Development Bank. 15 July 2014. Archived from the original (PDF) on 26 September 2016. Retrieved 8 March 2016.
- ^ Lewis, Jeffrey; Trevisani, Paulo (15 July 2014). "Brics Agree to Base Development Bank in Shanghai". The Wall Street Journal. Retrieved 16 July 2014.
- ^ "Brics Bank now hiring in Johannesburg". Times LIVE. 7 March 2016. Archived from the original on 8 March 2016. Retrieved 13 March 2016.
- ^ "Host Country Agreement for NDB's Eurasian Regional Centre in Moscow, Russia Signed in Brasilia". New Development Bank. Retrieved 25 March 2021.