What is New Development Bank?
New Development Bank is a multilateral development bank.
What is a multilateral development bank?
Its an institution created by multiple countries with an objective of development.
Which are the countries that have founded the New Development Bank?
Brazil, India, China, Russia, South Africa. They are together known as BRICS countries. New Development Bank was previously known as BRICS Development Bank. NDB was developed as an alternative to the World Bank and International Monetary Fund, which are dominated by the USA.
Where is New Development Bank headquartered?
Its headquartered in Shanghai, China.
When was NDB founded?
NDB was founded on 15th July 2014 during the 6th BRICS Summit in Fortaleza Brazil. It’s formation was agreed upon during the 5th BRICS Summit in Durban South Africa in 2013.
How much Capital does NDB have?
NDB started with $50 Billion, 10 each from all five founding nations.
Administrative powers for the bank are predominantly with India and China. Eventually, all countries that are a part of United Nations would be eligible for membership and borrowing from the bank.