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New Development Bank

New Development Bank
AbbreviationNDB, or NDB BRICS
FormationJuly 2014 (Treaty signed)
July 2015 (July 2015) (Treaty in force)
TypeInternational financial institution
Legal statusTreaty
HeadquartersShanghai, China
Coordinates31°11′21″N 121°29′45″E / 31.18917°N 121.49583°E / 31.18917; 121.49583
Membership
 Algeria
 Bangladesh
 Brazil
 China
 Egypt
 India
 Russia
 South Africa
 United Arab Emirates
 Uruguay
Official language
English
President
Dilma Rousseff
Parent organization
BRICS
Websitendb.int
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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).[1] 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."[1]

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.[1]

The bank is headquartered in Shanghai, China.[2] The first regional office of the NDB is in Johannesburg, South Africa.[3] The second regional office was established in 2019 in São Paulo, Brazil, followed by GIFT City, India and Moscow, Russia.[4]

  1. ^ a b c "Agreement on the New Development Bank – Fortaleza, July 15" (PDF). NDB Official Website. 15 July 2014. Archived from the original (PDF) on 26 September 2016. Retrieved 8 March 2016.
  2. ^ Lewis, Jeffrey; Trevisani, Paulo (15 July 2014). "Brics Agree to Base Development Bank in Shanghai". The Wall Street Journal. Retrieved 16 July 2014.
  3. ^ "Brics Bank now hiring in Johannesburg". Times LIVE. 7 March 2016. Archived from the original on 8 March 2016. Retrieved 13 March 2016.
  4. ^ "Host Country Agreement for NDB's Eurasian Regional Centre in Moscow, Russia Signed in Brasilia". New Development Bank. Retrieved 25 March 2021.

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