IAS Gyan

Daily News Analysis

BRICS New Development Bank

31st December, 2021 International News

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Context: India welcomes Egypt as 4th member of BRICS New Development Bank.


About New Development Bank:

  • It aims to mobilize resources for development projects in BRICS, emerging economies, and developing countries.
  • It formerly referred to as the BRICS Development Bank.
  • It is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
  • It support public or private projects through loans, guarantees, equity participation and other financial instruments.
  • The bank is headquartered in Shanghai, China.
  • In September 2021, Bangladesh, the United Arab Emirates and Uruguay joined the NDB.
  • In December 2021, the NDB admitted Egypt as new member.