UAE - Mubasher: The New Development Bank (NDB), established by Brazil, Russia, India, China, and South Africa (BRICS) in 2015, has selected the UAE as a new member.
After conducting negotiations in late 2020, NDB has admitted the UAE, Uruguay, and Bangladesh as the first countries in the bank, according to a press release on Thursday.
NDB aims to secure resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
Following its admission, the UAE will have in NDB a new platform to strengthen cooperation in infrastructure and sustainable development with BRICS and upcoming new members.
The President of NDB, Marcos Troyjo, said: "It's a particular honor that the UAE joins us on the occasion of its Golden Jubilee celebration. These 50 years have seen the UAE rise as one of the world's most innovative and dynamic economies."
Meanwhile, the Minister of State for Financial Affairs of the UAE, Obaid Humaid Al Tayer, commented: "The United Arab Emirates membership in the New Development Bank represents a new step to enhance the role of the UAE economy on the global stage, especially in light of the great capabilities and expertise that the country possesses in supporting infrastructure projects and sustainable development."
