About NDB

• The New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China and South Africa) countries. It 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.
• 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.

Why in News?

• The New Development Bank has approved the United Arab Emirates, Uruguay and Bangladesh as its new members in its first expansion push. 
• The NDB Board of Governors initiated the negotiation to expand its membership in 2020. It has now approved the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.
• Since the beginning of its operations, NDB has approved about 80 projects totaling a portfolio of USD 30 billion. Projects in areas such as transport, water and sanitation, clean energy, digital infrastructure, social infrastructure and urban development are within the scope of the Bank.

Reference:

1. https://newsonair.gov.in/News?title=New-Development-Bank-approves-Bangladesh-as-a-new-member&id=425398