New Development Bank

New Development Bank

NDB headquarters in Shanghai, China
Membership of the New Development Bank
Abbreviation	NDB
Formation	July 2014 (Treaty signed) July 2015; 9 years ago (July 2015) (Treaty in force)
Type	International financial institution
Legal status	Treaty
Headquarters	Shanghai, China
Coordinates	31°11′21″N 121°29′45″E / 31.18917°N 121.49583°E / 31.18917; 121.49583
Membership	Algeria  Bangladesh  Brazil  China  Egypt  India  Russia  South Africa  United Arab Emirates  Uruguay
Official language	English
President	Dilma Rousseff
Parent organization	BRICS
Website	www.ndb.int

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa).^[1] According to the agreement, "the bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments" and "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the bank."^[2]

The initial authorized capital of the bank was US$100 billion divided into one million shares having a par value of US$100,000 each. The initial subscribed capital of the bank was US$50 billion divided into US$10 billion in paid-in shares and US$40 billion in callable shares. It was equally distributed among the five founding members–Brazil, Russia, India, China, South Africa. The agreement on the NDB specifies that each founding member will have one vote and that no member would have any veto powers.^[2]

The bank is headquartered in Shanghai, China.^[3] The first regional office of the bank was opened in Johannesburg, South Africa in 2016.^[4] Subsequently, regional offices were established in São Paulo in Brazil, Ahmedabad in India and Moscow in Russia.^[5]