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Context:
Colombia and Uzbekistan have become the latest members of the New Development Bank (NDB), also known as the BRICS Bank. The announcement was made ahead of the 17th BRICS Summit, during the 10th meeting of the NDB’s Board of Directors. The addition brings the total membership to 11 countries.
Current Members of NDB
- Founding BRICS Nations (2015):
- Brazil
- Russia
- India
- China
- South Africa
- New Members:
- Bangladesh
- United Arab Emirates
- Egypt
- Algeria
- Colombia
- Uzbekistan
About the NDB
- Established: 2015
- Headquarters: Shanghai, China
- Purpose: Mobilize resources for infrastructure and sustainable development in BRICS and other emerging/developing economies
