New Development Bank
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). 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."
NDB headquarters in Shanghai, China | |
Membership of the New Development Bank | |
| Abbreviation | NDB, or NDB BRICS |
|---|---|
| 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 |
Membership | Bangladesh Brazil China Egypt India Russia South Africa United Arab Emirates Uruguay |
Official language | English |
President | Dilma Rousseff |
Parent organization | BRICS |
| Website | www |
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 .
The bank is headquartered in Shanghai, China. The first regional office of the NDB is in Johannesburg, South Africa. The second regional office was established in 2019 in São Paulo, Brazil, followed by GIFT City, India and Moscow, Russia.