NDB admits UAE as new member

Development bank established by BRICS begins membership expansion

  

SHANGHAI/PRNewswire/ -- The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 – has admitted the United Arab Emirates (UAE) as a new member.

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 is increasing its global outreach with the announcement of the UAE, Uruguay and Bangladesh as the first countries admitted into the Bank.

"We warmly welcome the UAE into the NDB family. It's a particular honor that the UAE joins us on the occasion of its Golden Jubilee celebration. These 50 years have seen the UAE rise as one of the world's most innovative and dynamic economies", said Mr. Marcos Troyjo, President of NDB.

"The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development. This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies", said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.

The UAE will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members. Membership to NDB becomes effective once the admitted country completes its domestic processes and deposits the instrument of accession.

Since its establishment six years ago, NDB has approved about 80 projects in all of its member countries, totaling a portfolio of US$ 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.

NDB's membership expansion is in line with the Bank's strategy to become the premier development institution for emerging economies.

Background information

NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. NDB has an authorized capital of US$ 100 billion, which is open for subscription by members of the United Nations.

SOURCE NDB

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases