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About New Development Bank


Honduras President recently requested the country’s admission to the BRICS-led New Development Bank (NDB).


GS II: International Relations

Dimensions of the Article:

  1. About New development bank
  2. Governance Structure of NDB
  3. Objectives

About New development bank:

  • It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
  • It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
  • It is headquartered at Shanghai, China.
  • In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.

Governance Structure of NDB:

Board of Governors:

  • The Bank is governed by a Board of Governors comprising the finance ministers of the five BRICS countries (Brazil, Russia, India, China, and South Africa).

Voting Power:

  • The voting power within the Board is determined based on the shares held by each country in the bank.

Share Retention:

  • While new members have the opportunity to join NDB, the five BRICS countries will collectively maintain a minimum of 55% of the total shares.


  • The NDB’s management includes a presidency that rotates among the BRICS members, ensuring equal representation, and four vice presidents who are selected from the remaining BRICS countries.


  • Fostering development of member countries.
  • Supporting economic growth.
  • Promoting competitiveness and facilitating job creation.
  • Building a knowledge sharing platform among developing countries.

Source: The Print

December 2023