New Development Bank approves Bangladesh as new member

·         The New Development Bank (NDB), established by the BRICS ((Brazil, Russia, India, China and South Africa) countries in 2015, has approved Bangladesh as its new member.

·         The NDB Board of Governors began talks to expand its membership in 2020.

·         It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member states.

·         After approval of the Board, the country is required to complete its domestic processes and deposit the instrument of accession.

Important facts:

About New Development Bank

v  Headquarters location: Shanghai, China

v  Founder: BRICS

v  Founded: 15 July 2014, Fortaleza, State of Ceará, Brazil

v  Leader: Marcos Prado Troyjo

v  Parent organization: BRICS