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Uzbekistan Joins BRICS-led New Development Bank as 10th Member
Uzbekistan officially joins the BRICS-led New Development Bank (NDB) as its 10th member country. It becomes the first country from Central Asia to become part of this multilateral development institution.
New Development Bank (NDB):
| Dimension | Key Details |
|---|---|
| Type | The NDB is a multilateral development bank established by the five BRICS countries: Brazil, Russia, India, China, and South Africa. |
| Decision to Establish | The decision to establish the bank is taken at the 6th BRICS Summit held in Fortaleza, Brazil in 2014. |
| Operational Status | The NDB becomes operational in 2015. |
| Headquarters | The headquarters is in Shanghai, China. |
| Core Objective | The core objective comprises mobilising financial resources for infrastructure and sustainable development projects in BRICS countries and other Emerging Market and Developing Economies (EMDCs). |
| Authorised Capital | The authorised capital is USD 100 billion. |
| Initial Subscribed Capital | The initial subscribed capital is USD 50 billion, and it is equally contributed by the five founding BRICS members. |
| Governance: Voting and Representation | Each member country has 1 vote, there is no veto power, influence is not directly tied to financial contribution, and the combined voting share of the founding BRICS members is ensured to remain above 55%. |
| Membership Eligibility | The NDB allows membership to all United Nations member countries, as per its Articles of Agreement. |
| Membership Expansion Beyond Founders | Since 2021, the bank has gradually expanded beyond its original five founding members. |
| Current Membership | The current membership comprises Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates, Egypt, Algeria, and Uzbekistan. |
| Accession Timeline (Non-founding Members) | Bangladesh and the United Arab Emirates have joined in 2021, Egypt has joined in 2023, Algeria has joined in 2025, and Uzbekistan has joined in 2026. |
| Approved Members (Pending Full Accession) | Uruguay, Colombia, and Ethiopia have been approved for membership by the Board of Governors, and they become full members once they complete the formal accession process. |