In July 2015, Brazil, Russia, India, China, and South Africa, known as BRICS, established the New Development Bank.
Despite its small membership, NDB’s total project financing matches that of long-standing multilaterals. Its total project approvals by the end of 2024 amounted to $39 billion, according to its website.
NDB has also expanded its membership, which now includes Algeria, Bangladesh, Egypt, and the United Arab Emirates. Uruguay is also in the process of accession.
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About the author
Miguel Antonio Tamonan@migueldevex
Miguel Tamonan is a Senior Development Analyst at Devex, where he analyzes data from public and private donors to produce content and special reports for Pro and Pro Funding readers. He has a bachelor’s degree in Political Science with a Major in International Relations from the Polytechnic University of the Philippines.
