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BRICS supporting growth of NBD membership

BRICS countries also agree to jointly transform the New Development Bank into a multilateral development bank of a new type

KAZAN, October 23. /TASS/. BRICS members support further growth in the number of countries - shareholders of the New Development Bank (NBD) and expedited consideration of applications from association members, the Kazan Declaration of the BRICS Summit says.

"We support the further expansion of NDB membership and expedited consideration of applications of BRICS countries in line with the NDB General Strategy and related policies," the Declaration indicates.

BRICS countries also agree to jointly transform the New Development Bank (NDB) into a multilateral development bank (MDB) of a new type.

"We support the enhancement of capacity building and knowledge exchange, including by building synergies with knowledge sources from developing countries, the assistance of member countries in achieving the SDGs and the further improvement of efficiency and effectiveness to fulfill its mandate, aiming to be a premier multilateral development institution for EMDCs. We agree to jointly develop the New Development Bank into a new type of MDB in the 21st century," BRICS members said.

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