New Development Bank

31 Dec 2021 New Development Bank

New Development Bank- Today Current Affairs

• Recently ‘Egypt’ has become the ninth member of ‘New Development Bank’ (NDB).
• Earlier in September, Bangladesh, United Arab Emirates and Uruguay had joined the ‘New Development Bank’ as new members. The Hindu Analysis.
  
• The expansion of membership by the New Development Bank will help it to act as a premier development institution for emerging economies.
• The ‘New Development Bank’ is a multilateral development bank jointly established by the BRICS countries at the 6th BRICS Summit held in ‘Fortaleza’, Brazil in the year 2014.
• It was formed to support infrastructure and sustainable development efforts for rapid growth through innovation and cutting edge technology in BRICS and other emerging economies.
• Its headquarter is located in Shanghai (China). The Hindu Analysis.
  
• In the year 2018, the ‘New Development Bank’ obtained observer status in the United Nations General Assembly, establishing a strong foundation for active and fruitful cooperation with the United Nations.
• It supports public or private projects through bank loans, guarantees, equity participation and other financial instruments to promote the economic development of its member countries.

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yojna ias daily current affairs 31 December 2021

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