New development bank

New Development Bank

New Development BankAbbreviationNDB, or NDB BRICSFormationJuly 2014 (Treaty signed)
July 2015 (Treaty in force)TypeInternational Financial InstitutionLegal statusTreatyHeadquartersShanghai, China

Membership

 Brazil
 Russia
 India
 China
 South Africa

Official language

English

President

K.V. KamathWebsitewww.ndb.int

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bankestablished by the BRICS states (Brazil,Russia, India, China and South Africa).[1]According to the Agreement on the NDB, "theBank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate withinternational organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."[1]

The initial authorized capital of the bank is $100 bln divided into 1 mln shares having a par value of $100,000 each. The initial subscribed capital of the NDB is $50 bln divided into paid-in shares ($10 bln) and callable shares ($40 bln). The initial subscribed capital of the bank was equally distributed among the founding members. The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank.[1]

The bank is headquartered in Shanghai, China.[2] The first regional office of the NDB will be opened in Johannesburg, South Africa.[3]

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