India proposed the idea of ​​establishing the bank at the fourth BRICS summit held in New Delhi on 29 March 2012. March 26-27
In 2013, the 5th summit of BRICS held in Durban, South Africa decided to form an international bank. An agreement was signed on 15 July 2014 to establish the New Development Bank (NDB) at the 6th BRICS Summit held in Fortaleza, Brazil, which entered into force on 7 July 2015. 21 July 2015 in Shanghai, the capital of China, the operation of this bank officially started. The newly formed bank acts as an alternative to the World Bank and IMF in financing infrastructure development and development projects in BRICS countries. 16 September 2021 Bangladesh. It became the 6th country to become a member of this bank. In addition, 5 countries including Egypt and United Arab Emirates are members of NDB at the time of establishment.
Full form of NDB: New Development Bank
| Official launch: July 21
- Founding Members: 5 current
Members: 8 – Brazil, Russia, China, South Africa, Bangladesh, United Arab Emirates and Egypt. headquarters
Office: Shanghai, China. President First: K. V. Kamath Rousseff (Brazil).
(India) Present: Dilma
