NDB's Strategic Expansion and Project Advancements in BRICS

The New Development Bank's board reviewed its project pipeline and membership expansion at their 46th meeting in Shanghai. With recent additions to its membership, NDB continues to mobilize resources for infrastructure projects. A recent meeting saw approval of a $50 million loan for Brazil and notable developments in funding activities.

The New Development Bank (NDB) of the BRICS nations convened its 46th board meeting in Shanghai. The directors assessed the 'robust and dynamic' project portfolio and discussed membership growth, as stated in a recent press release.

Formally operational since July 2015, the NDB aims to finance infrastructure and sustainable development projects in emerging markets. New members including Bangladesh and UAE joined in 2021, and a $50 million loan was approved for a Brazilian sanitation project.

Chaired by former Brazilian President Dilma Rousseff, the board acknowledged the bank's advancing funding activities, including a new Euro Medium-Term Note Programme in Nasdaq Dubai, while awaiting official feedback on Pakistan's capital share purchase proposal.

(With inputs from agencies.)