New Development Bank

The New Development Bank (NDB) created by the BRICS countries formally came into existence at the Ufa Summit (Russia) in 2015.
It was established with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions toward global growth and development.
In 2018, the NDB received observer status in the UN General Assembly.
The five member nations – Brazil, Russia, India, China and South Africa – have an equal shareholding in the NDB.
Voting power of each member is equal to the number of its subscribed shares in capital stock.
All members of the United Nations could be members of the bank, however the share of the BRICS nations can never be less than 55% of voting power.

India has signed two loan agreements of USD 646 million with New Development Bank for upgrading State Highway Network and District Road Network in Andhra Pradesh.
The two projects are expected to improve mobility and connectivity to the socioeconomic centres, enhance transport efficiency, improve road safety and riding quality, and provide all-weather accessibility for the State’s road users.

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