BRICS New Development Bank first expands member countries

SHANGHAI - BRICS New Development Bank (NDB) announced Thursday that it will add the United Arab Emirates (UAE), Uruguay and Bangladesh as its newest members.

"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, in a press release.

"We will continue to expand the bank's membership in a gradual and balanced manner," he added.

According to the press release, NDB's first membership expansion to extend global outreach is in line with the bank's strategy to be positioned as the premier development institution for emerging economies.

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 has approved about 80 projects in all of its members, totaling a portfolio of 30 billion U.S. dollars. The projects cover sectors of transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development.

Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa. The bank formally opened in July 2015.