London — The New Development Bank (NDB) set up by the BRICS group of nations said on Thursday it had admitted the United Arab Emirates (UAE), Uruguay and Bangladesh as members in its first expansion push.
Brazil, Russia, India, China and South Africa – a group of major emerging economies known as BRICS – launched the bank in 2015 and started formal talks with potential new members last year.
“New members will have in NDB a platform to foster their co-operation in infrastructure and sustainable development,” NDB president Marcos Troyjo said in a statement.
“We will continue to expand the bank’s membership in a gradual and balanced manner,” he said.
Since its launch, the Shanghai-headquartered lender has signed off about 80 projects worth $30 billion (about R431bn) in all of its five member countries stretching across sectors from transport, water and sanitation to clean energy and digital and social infrastructure.