Uzbekistan 10th Member of the New Development Bank:
Uzbekistan has become the 10th member of the New Development Bank (NDB) and the first country from Central Asia to join the BRICS-led multilateral financial institution.The NDB is a multilateral development bank established jointly by the BRICS states (Brazil, Russia, India, China, and South Africa).It was agreed upon during the 6th BRICS Summit in Fortaleza, Brazil (2014) and became fully operational in 2015.The NDB established its initial authorized capital at USD 100 billion. Of this, the initial subscribed capital was set at USD 50 billion, which was divided equally among the five founding members (Brazil, Russia, India, China, and South Africa).Headquarters: Shanghai, China.Objective is to mobilize resources for infrastructure and sustainable development projects in BRICS and other Emerging Market Economies and Developing Countries (EMDCs).Unlike the World Bank, where voting power is based on capital share, the NDB operates on an equal voting basis.Each member has one vote, and no country possesses a veto. However, the combined voting share of the founding BRICS members can never fall below 55%.
