New Development Bank (NDB) ( UPSC Prelims)

News Context

 ● Algeria has joined as the 9th member of the New Development Bank (NDB).  

About NDB (HQ: Shanghai, China)

 ● Established: 2015 by the BRICS nations—Brazil, Russia, India, China, and South Africa.  
  ● Objective: A multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).  
  ● Members: Includes Brazil, Russia, India, China, South Africa, along with Bangladesh, UAE, Egypt, and Algeria.  
        ○ Membership is open to all United Nations members, encompassing both borrowing and non-borrowing members (as per Article 2 of the NDB).
    ● Uruguay is a prospective member, having been approved by the NDB’s Board of Governors and will officially join upon depositing its instrument of accession.  
  ● Capital and Shareholding: The initial authorized capital is $100 billion, with the five founding members holding equal shares totaling $50 billion.  
  ● Voting Power: The founding members collectively hold at least 55% of the voting power.  

Other Prominent Regional Financial Institutions

 ● Institution  
    ● Asian Development Bank  
      ● HQ: Manila, Philippines  
    ● Asian Infrastructure Investment Bank  
      ● HQ: Beijing, China  
    ● African Development Bank  
      ● HQ: Abidjan, Côte D'Ivoire  
  ● LoGenesis  
    ● 1966  
    ● 2016  
    ● 1964  
  ● Purpose  
    ● Asian Development Bank: Focuses on social and economic development and regional integration in Asia and the Pacific.  
    ● Asian Infrastructure Investment Bank: Funds sustainable infrastructure and development projects, mainly in Asia but with a global reach.  
    ● African Development Bank: Aims at poverty reduction and socio-economic development throughout Africa.  
  ● Members  
    ● Asian Development Bank: Comprises 69 members (50 from Asia-Pacific, 19 from outside), including India.  
    ● Asian Infrastructure Investment Bank: Has 110 approved members (100 Full + 10 Prospective), with India as a full member.  
    ● African Development Bank: Includes 54 African countries and 27 non-African countries, with India among them.