Board of directors of BRICS bank NDB discusses progress of membership expansion

Beijing, Mar 21 (PTI) The board of directors of the New Development Bank (NDB) of the BRICS grouping held their 46th meeting at its headquarters in Shanghai during which they reviewed the bank’s “robust and dynamic” project pipeline and took note of the progress of membership expansion.
     The board of directors received a comprehensive update on the bank’s robust and dynamic project pipeline, a press release issued by the bank here on Friday said.
     The board was also briefed on project implementation, disbursement, ESG (Environmental Social Governance) portfolio and project procurement in non-member countries, it said.
     “The board of directors took note of the progress of membership expansion and provided its guidance for the next steps,” it said.
     Initiated by Brazil, Russia, India, China and South Africa (BRICS) in 2014 with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries, the NDB formally began operations in July 2015 with its headquarters in Shanghai.
     In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as new member countries.
     According to media reports from Islamabad, the Economic Coordination Committee (ECC) of Pakistan Cabinet last month approved plans to purchase capital shares worth USD 582 million in the NDB.
     There is no official reaction from the bank on Pakistan’s decision.
     The board of directors meeting on Thursday approved a loan of up to USD 50 million for a sanitation project in Brazil.
     The NDB is currently headed by former Brazilian President Dilma Rousseff.
     At the Thursday meeting, the board of directors was updated on the bank’s funding activities, took note of the Annual Treasury Investment Portfolio Report for 2024, received a comprehensive analysis on the bank’s loan book, and approved listing the bank’s Euro Medium-Term Note Programme on the Nasdaq Dubai in the United Arab Emirates and the bank’s Fourth RMB Bond Programme, the press release said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)