NDB Adds Colombia and Uzbekistan as New Members
Why in the news
The BRICS-led New Development Bank welcomed Colombia and Uzbekistan. This was announced during the 10th meeting of its Board of Directors, just before the 17th BRICS Summit.
Key facts
- Membership is now 11 countries.
- NDB is also known as the BRICS Bank.
- Year of establishment: 2015; headquarters: Shanghai, China.
- Purpose: raise resources for infrastructure and sustainable development in BRICS and other emerging and developing economies.
| Group | Members |
|---|---|
| Founding BRICS nations (2015) | Brazil, Russia, India, China, South Africa |
| Later entrants | Bangladesh, United Arab Emirates, Egypt, Algeria |
| Latest additions | Colombia, Uzbekistan |
Exam angle
- Headquarters city: Shanghai.
- Count: 5 founders, 4 earlier new members, 2 latest, so 11 in all.
- Alternate name: BRICS Bank.