New Development Bank

In one line: The New Development Bank is the multilateral development bank of the five original BRICS countries, headquartered in Shanghai.

How it was set up

The agreement was signed at the 6th BRICS summit in Fortaleza, Brazil, in July 2014, and the five founders joined in July 2015. Authorised capital is $100 billion; the initial subscribed capital of $50 billion was split equally, $10 billion per founder, of which $10 billion in total was paid in and $40 billion is callable. Each founder has an equal vote and no member has a veto.

Who runs it

Presidents rotate among founders. K.V. Kamath of India was the first (2015 to 2020), followed by Marcos Troyjo and then Dilma Rousseff of Brazil. Membership is open to UN members; Bangladesh, the UAE, Egypt, Algeria and Uzbekistan have joined.

Why it is in the news

An op-ed urges India to use the NDB for local-currency lending during its 2026 BRICS chairship.

Where to go next

• Asian Infrastructure Investment Bank
• Panda bonds and local-currency lending