The New Development Bank, established by BRICS (Brazil, Russia, India, China and South Africa) in 2015, has admitted Bangladesh as a new member.
NDB's Board of Governors authorised the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB is increasing its global outreach with the announcement of Bangladesh, the United Arab Emirates (UAE) and Uruguay as the first countries admitted into the Bank, reads a press release on Thursday.
"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," said Marcos Troyjo, president of NDB.
"We will continue to expand the Bank’s membership in a gradual and balanced manner."
"Membership of Bangladesh to NDB has paved way for a new partnership at a momentous time of 50th anniversary of our independence. Membership in the NDB is an important step forward in meeting the development vision of our Hon’ble Prime Minister, Sheikh Hasina," said finance minister of Bangladesh AHM Mustafa Kamal.
"We look forward to working closely with NDB to build together a prosperous and equitable world for our next generation as dreamt by our Father of the Nation Bangabandhu Sheikh Mujibur Rahman," he added.
Obaid Humaid Al Tayer, minister of state for financial affairs of the UAE, said, "The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development."
"This monumental step would not have been achieved without the vision and direction of the UAE leadership, who believe in the importance of supporting development projects around the world, especially in emerging economies," he added.
"Uruguay sees in the NDB a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows," said Azucena Arbeleche, minister of economy and finance of Uruguay.
Once admitted, a country’s membership to NDB becomes effective when it completes its domestic processes and deposits the instrument of accession.
Since the beginning of its operations, NDB approved about 80 projects in all of its members, totalling a portfolio of US$30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.
NDB’s membership expansion is in line with the Bank’s strategy to be positioned as the premier development institution for emerging economies.
