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The New Development Bank (NDB), founded by BRICS states Brazil, Russia, India China and South Africa, has admitted the United Arab Emirates (UAE) as its new member.
“We warmly welcome the UAE into the NDB family. It’s a particular honour 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,” said Marcos Troyjo, president of NDB.
The multilateral bank supports projects of member countries through guarantees, loans and other financial instruments. Since its inception six years ago, NBD has approved about 80 projects totalling a portfolio of $30 billion.
In a statement, NDB said it is increasing its membership in line with its strategy to become the “premier development institution” for emerging economies.
“The UAE will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members,” it said.
According to Obaid Humaid Al Tayer, the UAE’s Minister of State for Financial Affairs, the new NDB membership could “enhance the role of the UAE economy on the global stage”.
“This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies,” Al Tayer said.
NBD has also confirmed it has admitted Uruguay and Bangladesh as new members.
(Writing by Cleofe Maceda; editing by Seban Scaria )
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