Uzbekistan Officially Joins New Development Bank as New Member Country

The New Development Bank (NDB) has admitted Uzbekistan as its 10th member country, making it the first Central Asian nation to join the Bank.

About the New Development Bank (NDB)

• The NDB is a multilateral development bank established in 2015 by the BRICS countries: Brazil, Russia, India, China and South Africa.
• Objective: To mobilize resources for infrastructure and sustainable development projects in Emerging Markets and Developing Countries (EMDCs).
• The Bank seeks to complement the efforts of existing multilateral and regional financial institutions by supporting sustainable and inclusive development.

Expansion of Membership

• In 2021, the NDB began expanding beyond its founding members by admitting its first non-founding members.
• The Board of Governors approved the membership of Bangladesh, United Arab Emirates, Egypt and Uruguay.
• With the induction of Uzbekistan, the Bank now has 10 member countries.

Significance of Uzbekistan’s Membership

• Marks the first entry of a Central Asian country into the NDB.
• Expands the Bank’s geographical reach and strengthens its role as a global multilateral development institution.
• Enhances opportunities for financing infrastructure and sustainable development projects in Central Asia.
• Reflects the growing appeal of the NDB as an alternative source of development finance for emerging economies.

Source: NDB

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