About

The New Development Bank, 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).

Headquarters	Shanghai, China
Membership	Brazil  Russia  India  China  South Africa
Official language	English

Structure and Objectives

• The Bank supports public or private projects through loans, guarantees, equity participation and other financial instruments. 
• The first regional office of the NDB will be opened in Johannesburg, South Africa. 
  • The second regional office was established in 2019 in São Paulo, Brazil, followed by Moscow, Russia.
• The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. 
• Bank’s Articles of Agreement specify that all members of the United Nations could be members of the bank; however the share of the BRICS nations can never be less than 55% of voting power. 
• The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank. 
• The initial authorized capital of the bank is $100 billion and initial subscribed capital is $50 billion which is equally distributed amongst the founding members.
• Members other than BRICS : All members of the United Nations could be members of the bank.
  • The share of the BRICS nations can never be less than 55% of voting power.
• Main organs of the bank are:
  • Board of Governors
  • Board of Directors
  • President and Vice-Presidents
• Objectives
  • Promote infrastructure and sustainable development projects with a significant development impact in member countries.
  • Establish an extensive network of global partnerships with other multilateral development institutions and national development banks.
  • Build a balanced project portfolio giving a proper respect to their geographic location, financing requirements and other factors.
• The bank’s primary focus of lending will be infrastructure projects.
• It has so far 53 projects under way worth around $15 billion.

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