Bangladesh business

New development bank admits United Arab Emirates, Uruguay and Bangladesh – Business & Economy

SHANGHAI, September 2. / TASS /. The new development bank (NDB) – established by the BRICS (Brazil, Russia, India, China and South Africa) in 2015 – admitted the United Arab Emirates, Uruguay and Bangladesh as new members, the organization on its website.

“The NDB Board of Governors authorized the Bank to conduct formal negotiations with potential members at the end of 2020. After a series of successful negotiations, the NDB approved the admission of the United Arab Emirates (UAE), of Uruguay and Bangladesh as the first new member countries, “the statement said.

“We are delighted to welcome the United Arab Emirates, Uruguay and Bangladesh to the NDB family. New members will have a platform in NDB to foster their cooperation in the fields of infrastructure and sustainable development. We will continue to expand the membership of the Bank in a gradual and balanced manner. “NDB President Marcos Troyjo said in the statement.

According to the statement, “Once admitted, a country’s membership in the NDB becomes effective when it completes its national processes and deposits the instrument of accession.”

Since the start of its operations, the New Development Bank has approved around 80 projects totaling $ 30 billion. NDB projects represent various fields such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development.

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