New Delhi : India on Friday welcomed Bangladesh, UAE and Uruguay as new members of the BRICS New Development Bank and said the expansion of the membership will add value and enable NDB to position itself as the premier development institution for emerging economies.
The message was conveyed by Ministry of External Affairs spokesperson Arindam Bagchi in a tweet.
The New Development Bank (NDB) – established by BRICS (Brazil, Russia, India, China and South Africa) in 2015 –initiated its membership expansion.
The 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 approved the admission of the United Arab Emirates (UAE), Uruguay and Bangladesh as its first new member countries, said the NDB website.
“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. “We will continue to expand the bank’s membership in a gradual and balanced manner.”
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 approved about 80 projects in all of its members, 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 be positioned as the premier development institution for emerging economies, it said.
