NEW DELHI — Bangladesh, United Arab Emirates (UAE), and Uruguay were welcomed by India as the new members of BRICS New Development Bank, said Arindam Bagchi, spokesperson of the Ministry of External Affairs for India.

Established by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, New Development Bank also complements the existing efforts of multilateral and regional financial institutions for global growth and development. 

Bagchi said that the expansion of membership will add value and enable New Development Bank to position itself as the premier development institution for emerging economies.

“India welcomes Bangladesh, UAE, and Uruguay as new members of #BRICS #NewDevelopmentBank family. Expansion of membership will add value and enable @New Development Bank_int to position itself as the premier development institution for emerging economies,” Arindam Bagchi tweeted.

New Development Bank’s Board of Governors authorized the Bank to conduct formal negotiations with prospective members in late 2020.

“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,” said H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs of the UAE.

After a round of successful negotiations, New Development Bank approved the admission of the United Arab Emirates (UAE), Uruguay, and Bangladesh as its first new member countries, New Development Bank said in an official statement.

“We are delighted to welcome the UAE, Uruguay, and Bangladesh to the New Development Bank family. New members will have in New Development Bank a platform to foster their cooperation in infrastructure and sustainable development,” said Marcos Troyjo, President of New Development Bank. “We will continue to expand the Bank’s membership in a gradual and balanced manner.”

“Uruguay sees in the New Development Bank a great opportunity to harness cooperation with its member countries, aiming to achieve stronger international integration in trade and cross-border investment flows,” said H.E. Azucena Arbeleche, Minister of Economy and Finance of Uruguay.

A. H. M. Mustafa Kamal, Minister of Finance of Bangladesh, said that they are looking forward to working closely with the New Development Bank to build together a prosperous and equitable world for their next generation.

“Membership of Bangladesh to NDB has paved the way for a new partnership at a momentous time of 50th anniversary of our independence,” said Kamal.

(With inputs from ANI)

Edited by Saptak Datta and Ritaban Misra

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