New development bank
New Development Bank New Development Bank AbbreviationNDB, or NDB BRICSFormationJuly 2014 (Treaty signed) July 2015 (Treaty in force)Type International Financial Institution Legal statusTreatyHeadquarters Shanghai , China Membership Brazil Russia India China South Africa Official language English President K.V. Kamath Website www.ndb.int The New Development Bank (NDB) , formerly referred to as the BRICS Development Bank , is a multilateral development bank established by the BRICS states ( Brazil , Russia , India , China and South Africa ). [1] According to the Agreement on the NDB, "the Bank shall support public or private projects through loans , guarantees, equity participation and other financial instruments. " Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects...