Algeria has now officially become the ninth member of the New Development Bank (NDB) established by the BRICS. The membership became effective on 19 May 2025 after Algeria submitted the required documents under the bank’s contract. Earlier in March 2025, Indonesian President Prabowo Subianto announced that his country would join the New Development Bank, but it has not yet submitted its entry form to the New Development Bank.
The BRICS countries—Brazil, Russia, India, China, and South Africa—established the New Development Bank (NDB) in 2015. Its headquarters are in Shanghai, China. The bank provides financial assistance for infrastructure and sustainable development projects in emerging and developing economies.
About NDB :-
- Founded in 2015 by BRICS countries: Brazil, Russia, India, China, South Africa.
- Headquarters :- Shanghai, China.
- Over 120 projects worth $40 billion have been approved.
- Focus areas: Clean energy, water sanitation, transport, digital infrastructure and environmental protection.
- Leadership :- The chairmanship and vice-chairmanship rotate among the founding BRICS members.
- Current President :- Dilma Rousseff (Brazil).
- Current member countries of NDB :-
- Brazil, Russia, India, China, South Africa, Bangladesh, Egypt, United Arab Emirates (UAE), Algeria
Authorized capital and voting rights :-
- Authorized capital of the Bank :- US$100 billion
- Voting rights :- Brazil, Russia, India, South Africa and China hold – 18.98% each.
- Egypt – 2.27%
- Bangladesh – 1.79%
- UAE – 1.06
Members and Headquarters :-
- Members of the United Nations can become members of the New Development Bank.
- Current members :- nine countries
- Founding members :- Brazil, Russia, India, China, South Africa,
- Bangladesh (16 September 2021), United Arab Emirates (4 October 2021), Egypt (20 February 2023) and Algeria (19 May 2025).
Headquarters and regional offices :-
- Headquarters :- Shanghai, China
- Regional offices of the Bank :-
- Indian Regional Office- Gujarat International Finance Tec-City (GIFT City) in 2022.
- Africa Regional Centre- Johannesburg, South Africa, in 2017.
- Americas Regional Office- Sao Paulo, Brazil, in 2019
- Eurasian Regional Centre- Moscow, Russia, in 2020.
- Chair :- Dilma Rousseff of Brazil
About BRICS :-
- BRICS is an inter-governmental organisation that came into existence on 16 June 2009.
- It was renamed as BRICS (Brazil, Russia, India, China and South Africa) after South Africa joined in 2001.
- Members :- Eleven
- Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran
- Current Chair :- Brazil
Latest International News :-
- United Nations: India will remain the world’s fastest growing major economy
- The third BIMSTEC Agriculture Ministerial Meeting held in Kathmandu Nepal
- China to build ‘space station’ in deep waters of South China Sea
- Brandon Holt won the 2025 Bengaluru Open ATP tennis singles title
- Lionel Messi has been awarded the US Presidential Medal of Freedom