The New Development Bank (NDB) is an international financial institution established by the BRICS group, which includes Brazil, Russia, India, China, and South Africa. The primary aim of the NDB is to provide financing for infrastructure projects within member countries while reducing reliance on Western-led financial institutions.
According to Leslie Maasdorp, the Chief Financial Officer of the NDB, the bank is not planning to unveil new member countries during the forthcoming BRICS Summit.
The NDB was created to enhance the influence of BRICS member countries over the financing of infrastructure projects. This initiative serves as an alternative to institutions dominated by Western powers, such as the World Bank.
The NDB is actively exploring the addition of new members to solidify its financial foundation, particularly as it navigates limitations imposed by U.S. sanctions on Russia.
Currently, apart from the original BRICS members—Brazil, Russia, India, China, and South Africa—the NDB's shareholder list also includes Egypt, Bangladesh, and the United Arab Emirates.
The NDB is working to enhance its abilities to raise funds and facilitate lending in local currencies. This aligns with its broader objective of diminishing reliance on the U.S. dollar.
Discussions and decisions regarding potential new member countries are occurring within the framework of talks among BRICS leaders, which are separate from the discussions managed by the bank's administration.
The NDB's ongoing initiatives, including its potential expansion of membership, resonate with BRICS' collective ambition to reshape global economic dynamics and create a balanced counterweight to Western institutions.
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