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New Development Bank admits UAE, Uruguay, Bangladesh

Since the beginning of its operations, the New Development Bank approved around 80 projects totaling $30 bln

SHANGHAI, September 2. /TASS/. The New Development Bank (NDB) - established by BRICS (Brazil, Russia, India, China, and South Africa) in 2015 - has admitted UAE, Uruguay, and Bangladesh as new members, the organization said on its website.

"NDB’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020. After a round of successful negotiations, NDB approved the admission of the United Arab Emirates (UAE), Uruguay, and Bangladesh as its first new member countries," the press release said.

"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," President of NDB Marcos Troyjo was quoted in the release.

According to the statement, "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, the New Development Bank approved around 80 projects totaling $30 bln. NDB projects represent various areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure, and urban development.

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