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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