New Development Bank

Also referred as BRICS Development Bank

It is a multilateral development bank operated by BRICS states.

The bank’s primary focus of lending will be infrastructure projects

The bank will have starting capital of $50 billion, with capital increased to $100 billion over time

Brazil, Russia, India, China and South Africa will initially contribute $10 billion each to bring the total to $50 billion

Unlike the World Bank, which assigns votes based on capital shares, here each participant country will be assigned one vote, and no country will have veto power

Countries apart from the BRICS countries will also be members- the bank will have some countries from ‘the south’ on a rotational basis, on the board of the bank, and they will be allowed to vote

The bank will allow new members to join but the share of BRICS countries cannot drop below 55%

HQ : Shanghai, China

Formed in 2015

The first regional office of the NDB will be opened in Johannesburg, South Africa

K V Kamath is its President.

In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.