• Colombia and Uzbekistan joined the New Development Bank (NDB), expanding the membership of the multilateral lender, popularly known as the BRICS Bank.

• The Board of Governors of the NDB convened in Rio De Janeiro for its 10th Annual Meeting on July 4 & 5.

• The Board of Governors officially admitted Colombia and Uzbekistan as borrowing members of the New Development Bank.

• Now, the members are Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan.

• Roman Serov was appointed as new vice-president of NDB from September 7, 2025, to September 6, 2030.

• The Board elected Anton Siluanov, the Minister of Finance of Russia as the next chairperson of the Board of Governors. 

• India’s Finance Minister Nirmala Sitharaman was elected as the next vice-chairperson of the Board of Governors. 

• It was agreed that they would hold their respective offices until the end of the 11th Annual Meeting of the Board of Governors in 2026.

• Russia will host the 11th Annual Meeting in 2026.

New Development Bank

• New Development Bank (NDB) is a multilateral bank established in 2015 by BRICS — Brazil, Russia, India, China and South Africa. 

• Its headquarters is situated in Shanghai.

• NDB started expanding its membership in 2021. Bangladesh, UAE, Egypt, Algeria, Colombia and Uzbekistan were granted membership.

• The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.

• The NDB has an initial authorised capital of $100 billion and initial subscribed capital of $50 billion of which $10 billion is paid-in capital. The initial subscribed capital is equally distributed amongst the founding members.

• Today, the NDB plays an increasingly significant role in advancing a just and sovereign transition. 

• Since its establishment, over 120 investment projects totalling $40 billion have been approved in areas such as clean energy, energy efficiency, transportation, environmental protection, water supply, and infrastructure.

• The Board of Directors is responsible for the general operations of NDB. It is the highest decision-making authority. The Board of Governors consists of one Governor at the ministerial level and one alternate appointed by each member country.

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