The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states. According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."
NDB headquarters in Shanghai, China
New Development Bank President Dilma Rousseff with Russian President Vladimir Putin on 26 July 2023
The logo of the NDB in the bank's HQ in Shanghai
Image: The President, New Development Bank, Shri K.V. Kamath addressing a press conference after the Second National Development Bank (NDB) Annual Board of Governors’ Meeting, in New Delhi on April 01, 2017 (Cropped)
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Originally identified to highlight investment opportunities, the grouping evolved into a cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
Brazilian president Jair Bolsonaro and Russian president Vladimir Putin during the BRICS in Brasília, Brazil
BRICS Tower headquarters in Shanghai
New Development Bank's logo
Meeting of BRICS foreign ministers on 22 September 2022