New Development Bank

The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in New Delhi.{{cite web | url=http://www.theworldreporter.com/2012/03/brics-summit-2012-long-journey-to-cover.html | title=BRICS Summit 2012: A long Journey to cover; Overview, Outcomes and Expectations | work=The World Reporter | date=31 March 2012 | access-date=31 March 2012}} As the establishment of a development bank would help in simplifying mutual settlement and lending operations amongst the BRICS nations, reducing dependence on the US dollar and the Euro, the leaders of these nations agreed to set up anew multilateral development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013.{{cite web|url=https://www.voanews.com/a/brics-summit-leaders-optimistic-about-new-development-bank/1629583.html|title=BRICS Leaders Optimistic About New Development Bank|publisher=Voice of America|last1=Powell|first1=Anita|date=27 March 2013 |access-date=27 March 2013}} On 15 July 2014, on the first day of the 6th BRICS summit held in Fortaleza, Brazil, the five member states signed the agreement on the New Development Bank, which made provisions for the legal basis of the bank. In a separate agreement, a reserve currency pool worth {{US$}}100 billion was set up by the members.[https://www.bbc.com/news/business-28317555 "Brics nations to create $100bn development bank"]. BBC.com. 15 July 2014

File:The President, Development Bank of BRICS Countries, Shri K.V. Kamath calls on the Prime Minister, Shri Narendra Modi, in New Delhi on May 28, 2015.jpg with the Indian prime minister Narendra Modi in May 2015]]

On 11 May 2015, K. V. Kamath was appointed as the first president of the bank.{{cite news |title=K V Kamath, non-executive chairman of ICICI, is now BRICS Bank head |url=http://www.hindustantimes.com/business-news/kv-kamath-non-executive-chairman-of-icici-appointed-brics-bank-head/article1-1345986.aspx |archive-url=https://web.archive.org/web/20150511091743/http://www.hindustantimes.com/business-news/kv-kamath-non-executive-chairman-of-icici-appointed-brics-bank-head/article1-1345986.aspx |url-status=dead |archive-date=11 May 2015 |newspaper=Hindustan Times |location=New Delhi |date=11 May 2015 |access-date=16 May 2015 }} According to the bank, the policies and procedures for all functional areas were approved at the board of directors meeting in January 2016.NDB Press Release entitled "Press Conference by NDB on the Eve of Signing Headquarters Agreement with Government of China" ([http://www.ndb.in http://www.ndb.int]) On 27 February 2016, the NDB signed an agreement with the Government of China and local government of Shanghai to establish the headquarters of the bank in Shanghai.{{cite web|url=http://www.ndb.int|title=The New Development Bank Signed Headquarters Agreement with the Government of the People's Republic of China|access-date=11 April 2016}} On 19 July 2016, the NDB reported that it successfully issued the bank's first green financial bond with issue size of RMB 3 billion, with a tenure of five years in the China interbank bond market.{{cite web|url=http://www.ndb.int/NDB-Successfully-Issued-First-RMB-denominated-Green-Financial-Bond.php#parentHorizontalTab2|title=NDB Successfully Issued First RMB-denominated Green Financial Bond|work=NDB|access-date=15 August 2016}}

File:NDB Creation Milestones.png

On 20 July 2016, the first annual meeting of the NDB board of governors was held in Shanghai. The participants of the meeting discussed the bank's future work and development and gave a positive assessment to the bank's work. At the meeting, the first green financial bond issuance in renminbi was highlighted as a milestone event for the NDB.{{Cite web|url=http://www.ndb.int/ndb-boards-congratulate-bank-on-its-progress-at-the-first-annual-meeting.php#parentHorizontalTab2|title=NDB boards congratulate bank on its progress at the first annual meeting|website=www.ndb.int|access-date=2016-08-15}} In 2016, the NDB board of directors approved the first set of projects in all members of the bank.{{Cite web|url=http://www.ndb.int/BRICS-banktoallocate100mln-forfinancingsmall-scaleenergyprojectinKarelia.php|title=BRICS bank to allocate $100 million for financing small-scale energy project in Karelia|website=www.ndb.int|access-date=2016-08-15}}{{Cite web|url=http://www.ndb.int/first-set-of-loans-approved-by-the-board-of-directors-of-the-new-development-bank.php#parentHorizontalTab2|title=First Set of Loans Approved by the Board of Directors of the New Development Bank|website=www.ndb.int|access-date=2016-08-15}}{{Cite web|url=http://www.ndb.int/NDB-BOARD-OF-DIRECTORS-APPROVES-LOANS-FOR-TWO-PROJECTS.php#parentHorizontalTab2|title=NDB BOARD OF DIRECTORS APPROVES LOANS FOR TWO PROJECTS IN CHINA AND INDIA DURING 7TH MEETING IN SHANGHAI|website=www.ndb.int|access-date=2016-11-28|archive-date=28 November 2016|archive-url=https://web.archive.org/web/20161128194923/http://www.ndb.int/NDB-BOARD-OF-DIRECTORS-APPROVES-LOANS-FOR-TWO-PROJECTS.php#parentHorizontalTab2|url-status=dead}} On 21 December 2016, the NDB signed its first loan agreement.{{Cite web|url=http://www.ndb.int/NDB-SIGN%20-FIRST-LOAN-AGREEMENT-FOR-FINANCING.php#parentHorizontalTab2|title=NDB SIGNS FIRST LOAN AGREEMENT FOR FINANCING SHANGHAI LINGANG DISTRIBUTED SOLAR POWER PROJECT|website=www.ndb.int|access-date=2016-12-30|archive-date=30 December 2016|archive-url=https://web.archive.org/web/20161230160655/http://www.ndb.int/NDB-SIGN%20-FIRST-LOAN-AGREEMENT-FOR-FINANCING.php#parentHorizontalTab2|url-status=dead}} The NDB received AA+ credit ratings from S&P Global Ratings (S&P) and Fitch Ratings (Fitch) in August 2018, which enables the bank to offer full suite of financial products to its public and private sector clients.{{Cite news|url=https://www.ndb.int/press_release/new-development-bank-receives-aa-plus-credit-rating-from-fitch/|title=New Development Bank Receives AA+ Credit Rating from Fitch - New Development Bank|work=New Development Bank|access-date=2018-08-13|language=en-US}}{{Cite news|url=https://www.ndb.int/press_release/ndb_receives_aaplus_rating_from_sp/|title=NDB receives AA+ rating from S&P, cementing its access to global financial markets - New Development Bank|work=New Development Bank|access-date=2018-08-29|language=en-US}} In April 2020, the New Development Bank established an Emergency Assistance Facility that sought to finance costs related to the fight against the Coronavirus and soften the blow from the economic impact. In addition to committing US$5 billion to this cause, the NDB targeted to provide up to 10 billion dollars.{{Cite web |last=Unknown |first=Unknown |date=April 22, 2020 |title=NEW DEVELOPMENT BANK BOARD OF GOVERNORS STATEMENT ON RESPONSE TO COVID-19 OUTBREAK |url=https://www.ndb.int/new-development-bank-board-of-governors-statement-on-response-to-covid-19-outbreak/}}

In March 2022, the NDB announced that "sound banking principles" required that all new transactions with Russia be put on hold.{{Cite web |title=A Statement by the New Development Bank|url=https://www.ndb.int/news/a-statement-by-the-new-development-bank/?fbclid=IwAR3Jh5-K7fJx67WtRGSiZKtf22ySY5VRyT-OPYLZTvW1dx46x8y6g5eOwFc|access-date=2023-12-28|date=3 March 2022 |language=en-US}} Even though the NDB quickly cut ties with Russia, Fitch Ratings still downgraded the NDB from stable to negative on its Long-Term Issuer Default scale.{{Cite web |title=Is Asia's development machine stuttering? |url=https://www.ips-journal.eu/topics/foreign-and-security-policy/is-asias-development-machine-stuttering-6055/ |access-date=2022-12-12 |website=www.ips-journal.eu |date=11 July 2022 |language=en-GB}}{{cite web | title=BRICS bank put on hold all new transactions in Russia due to Ukraine crisis | website=The Economic Times | date=2022-03-04 | url=https://economictimes.indiatimes.com/news/international/business/brics-bank-put-on-hold-all-new-transactions-in-russia-due-to-ukraine-crisis/articleshow/89993559.cms | access-date=2024-05-16}} In May 2022, the New Development Bank set up a regional office in India in the state of Gujarat with the goal of financing and observing infrastructure projects in both India and Bangladesh.{{Cite news |date=2022-05-20 |title=BRICS-led New Development bank to set up regional office in India |language=en |work=Reuters |url=https://www.reuters.com/business/finance/brics-led-new-development-bank-set-up-regional-office-india-2022-05-20/ |access-date=2022-12-12}} In May 2023, Saudi Arabia expressed its intention to join the NDB.{{Cite web|url=https://www.banki.ru/news/lenta/?id=10985828|title=Саудовская Аравия намерена присоединиться к банку БРИКС|language=ru|date=2023-05-28|website=Banki.ru}}

According to the Articles of Agreement, the main organs of the bank are:

• Board of governors
• Board of directors
• President and vice-presidents

Information about the composition of the NDB board of governors is available on the bank's official website.{{Cite news|url=https://www.ndb.int/about-us/organisation/governance/|title=Leadership {{!}} New Development Bank|work=New Development Bank|access-date=2018-08-13|language=en-US}}

The NDB president is elected on a rotational basis from one of the founding members, and there are four vice presidents from each of the other four founding members.{{cite web|title=Agreement on the New Development Bank|url=http://www.brics.utoronto.ca/docs/140715-bank.html|website=University of Toronto|publisher=BRICS Information Centre|access-date=16 March 2016|date=15 July 2014}}

K. V. Kamath, from India, is the first elected president of the NDB. He was replaced as president by Marcos Prado Troyjo from Brazil since 7 July 2020. Marcos Troyjo was elected president of the New Development Bank on 27 May 2020.{{cite web|title=Board of Governors holds Special Meeting, elects Marcos Troyjo as NDB President|url=https://www.ndb.int/news/board-of-governors-holds-special-meeting-elects-marcos-troyjo-as-ndb-president/|work=New Development Bank|date=2020-07-27|access-date=2023-04-18}} Following Luiz Inácio Lula da Silva election, the Brazilian government solicited his renouncement, after then he was replaced by Dilma Rousseff by 24 March 2023.{{cite web|title=Board of Governors Elects H.E. Mrs. Dilma Rousseff as the NDB President|url=https://www.ndb.int/news/board-of-governors-elects-h-e-mrs-dilma-rousseff-as-the-ndb-president/|work=New Development Bank|date=2023-03-24|access-date=2023-04-18}}

The New Development Bank has an initial subscribed capital of US$50 billion and an initial authorized capital of US$100 billion. The initial subscribed capital is equally distributed among the founding members. The payment of the amount initially subscribed by each founding member to the paid-in capital stock of the bank will be made in dollars in 7 installments. Each member cannot increase its share of capital without all other four members agreeing. The bank will allow new members to join but the BRICS capital share cannot fall below 55%.{{cite news|url=https://www.rbth.com/economics/2014/07/10/brics_bank_ready_for_launch_-_russian_finance_minister_36599|title=BRICS Bank ready for launch - Russian Finance Minister|date=10 July 2014|access-date=20 July 2014|publisher=Russia & India Report}}

The bank aims to contribute to the development plans established nationally through projects that are socially, environmentally and economically sustainable. Taking this into account, the main objectives of the NDB can be summarized as follows

1. Promote infrastructure and sustainable development projects with a significant development impact in member countries.
2. Establish an extensive network of global partnerships with other multilateral development institutions and national development banks.
3. Build a balanced project portfolio giving a proper respect to their geographic location, financing requirements and other factors.

The Agreement on the New Development Bank entered into force in July 2015, with the official declaration of all five states that have signed it. The five founding members of the Bank include Brazil, Russia, India, China and South Africa.{{cite web | last=Nair | first=Sangeeta | title=UAE, Uruguay, Bangladesh admitted as new members in BRICS Bank | website=Jagranjosh.com | date=2021-09-05 | url=https://www.jagranjosh.com/current-affairs/ndb-members-uae-uruguay-bangladesh-admitted-as-new-members-in-brics-bank-1630670492-1 | access-date=2024-05-16}}

The NDB's Articles of Agreement specify that all members of the United Nations could be members of the bank, however the share of the original BRICS group can never be less than 55% of total voting power. The current voting power of the original five members is more than 90%.{{Update after|2028|05|30|reason=Update total voting power of the original BRICS members.}}

In 2016, some experts considered that expanding the NDB's membership to be crucial to its long-term development by helping boost the bank's business growth.{{Cite web|url=http://www.scmp.com/news/china/diplomacy-defence/article/1992943/brics-new-development-bank-hopes-expand-drawing-other|title=BRICS New Development Bank hopes to expand by drawing other nations as members|date=21 July 2016 |access-date=2016-08-24}}

According to the Bank's General Strategy: 2017–2021, the NDB plans to expand membership gradually so as not to overly strain its operational and decision-making capacity.{{Cite news|url=https://www.ndb.int/about-us/strategy/strategy/|title=Strategy - New Development Bank|work=New Development Bank|access-date=2018-08-13|language=en-US}}

In September 2021, Bangladesh, the United Arab Emirates and Uruguay joined the NDB.{{Cite news|url=https://worldview.stratfor.com/situation-report/uae-uruguay-bangladesh-countries-become-members-new-development-bank|title = UAE, Uruguay, Bangladesh: Countries Become Members of New Development Bank}}

In December 2021, the NDB admitted Egypt as a new member.{{Cite news|url=http://www.xinhuanet.com/english/20211229/6620bbd869e24ba39a9dcfd5c1609332/c.html|title =BRICS New Development Bank's decision to add Egypt as new member}} Algeria formally presented a request to join after the Algerian president visit to China in 2023, and was admitted as a member in 2024.{{cite web | title=Algeria applies to join BRICS, would contribute $1.5 billion to group bank | website=Reuters | date=2023-07-21 | url=https://www.reuters.com/world/algeria-applies-join-brics-would-contribute-15-bln-group-bank-2023-07-21/ | access-date=2024-05-16}} Algeria officially has been given membership status of the BRICS New Development Bank (NDB) in September 2024.{{cite web | title=BRICS New Development Bank authorizes Algeria to join | website=Reuters | date=2024-08-31 | url=https://www.reuters.com/world/algeria-authorised-join-brics-bloc-2024-08-31/ | access-date=2024-09-05}}

Potential or prospective members include Colombia, Honduras, and Zimbabwe.{{Cite news|url=https://www.reuters.com/world/honduras-requests-entry-brics-led-development-bank-china-trip-2023-06-10/|title =Honduras requests entry to BRICS-led development bank on China trip}}{{Cite news|url=https://www.bloomberg.com/news/articles/2023-05-30/brics-bank-to-expand-membership-as-saudi-arabia-looks-to-join|title =BRICS Bank Wants New Members as Saudi Arabia Looks to Join}}{{Cite news|url=https://www.infobae.com/colombia/2024/11/09/ricardo-bonilla-anuncia-que-colombia-busca-unirse-al-banco-de-desarrollo-de-los-brics-para-fortalecer-lazos-comerciales-en-asia/|title=Ricardo Bonilla anuncia que Colombia busca unirse al Banco de Desarrollo de los Brics para fortalecer lazos comerciales en Asia}}

According to Articles of Agreement of the New Development Bank, the initial authorized capital of the bank is divided into 1 million shares, having a par value of $100,000. Each founding member of the bank has initially subscribed 100,000 shares, in a total of $10 billion, of which 20,000 shares correspond to paid-in capital, in a total of $2 billion and 80,000 shares correspond to callable capital, in a total of $8 billion.

File:NDB-Chart-BRICS.png

The current distribution of shares between NDB member countries is presented in the following table.

According to the Bank's General Strategy, sustainable infrastructure development is at the core of NDB's operational strategy in 2017–2021, and the Bank will dedicate about two-thirds of financing commitments in its first five years to this area.

The New Development Bank is planning to give a priority to projects aimed at developing renewable energy sources. As it was stated by the bank, it wants to cooperate with other institutions in accelerating ‘green’ financing expansion and promoting environment protection.{{Cite web|url=http://tass.ru/en/economy/864578|title=BRICS Bank to prioritize renewable energy projects — official|website=TASS|access-date=2016-03-24}}

File:Breakdown of NDB's loan approvals by sector.png

The NDB has expressed interest in funding projects that conform to high environmental standards, including those in the field of infrastructure, such as energy, railways and highways in the future.{{Cite news|url=http://www.thehindu.com/news/international/new-development-bank-defines-its-brand-identity-as-an-ecofriendly-lender/article8879612.ece|title=New Development Bank defines its brand identity as an eco-friendly lender|date=2016-07-21|newspaper=The Hindu|language=en-IN|issn=0971-751X|access-date=2016-08-24}} At the same time, according to K. V. Kamath, the NDB President, one of the key strategies of the bank will be financing profitable projects (bankable) with return on capital.{{cite news|url=https://www.rbth.com/world/2015/06/22/brics_set_to_create_new_financial_architecture_43787|title=BRICS set to create new financial architecture|date=22 June 2015|work=Russia & India Report|access-date=27 March 2016}} The NDB wants "to fund projects that are creative and bring benefits to the local people and environment", said Vice President Zhu Xian.{{Cite web|url=http://en.people.cn/n3/2016/1125/c90000-9146910.html|title=BRICS New Development Bank aims to offer 2.5 billion USD of loans in 2017 - People's Daily Online|last=F_200762|website=en.people.cn|access-date=2016-11-28}}

The leadership of the member countries task the bank with developing a strong pipeline of projects and responding in a fast and flexible manner to aspirations and interests of its members.{{Cite web|url=http://indianexpress.com/article/india/india-news-india/new-development-bank-brics-project-pipeline-arun-jaitley-raj-kumar-shanghai-2927759/|title=NDB should focus on creating strong project pipeline: Finance Minister Jaitley|date=2016-07-21|access-date=2016-08-24}}

As of 6 March 2019, the NDB Board of Directors approved 30 projects with loans aggregating over approx. USD 8 billion.{{Cite web|url=https://www.ndb.int/press_release/ndbs-lending-commitment-2018-increased-167-bringing-aggregate-approval-volume-usd-8-billion/|title=NDB's lending commitment in 2018 increased by 167%, bringing aggregate approval volume to USD 8 billion|website=New Development Bank|language=en-US|access-date=2019-03-06}}

The bank has begun non-sovereign operations with loans approved in Brazil, South Africa, and Russia. In May 2024, BRICS Development Bank announces to allocate US$1.115 bi to Rio Grande do Sul for rebuilding the urban and rural infrastructure after the 2024 floods.{{cite web | author=the newsroom | title=Former Brazilian President Dilma announces that BRICS Development Bank will allocate US$ 1.115 bi to Rio Grande do Sul | website=Brasil de Fato | date=2024-05-15 | url=https://www.brasildefato.com.br/2024/05/15/former-brazilian-president-dilma-announces-that-brics-development-bank-will-allocate-us-1-115-bi-to-rio-grande-do-sul | language=pt | access-date=2024-05-17}}

In March 2016, the NDB announced that it will do a bond issue in China to raise funding domestically on the Chinese market. The bond issue is likely to happen in the second quarter of the year 2016, said the NDB Vice President Leslie Maasdorp. He added the bank is starting to finalize the exact size of this bond issue.

On 18 July 2016 the NDB successfully issued its first green financial bond with issue size of RMB 3 billion, tenor of 5 years in China onshore interbank bond market. The bond's nominal interest rate is 3.07%. The bank became the first international financial institution that issued a green financial bond in the China onshore bond market. The proceeds of the bond will be used for infrastructure and sustainable development projects in the member countries.{{Cite web|url=http://www.ndb.int/NDB-Successfully-Issued-First-RMB-denominated-Green-Financial-Bond.php#parentHorizontalTab2|title=NDB Successfully Issued First RMB-denominated Green Financial Bond|website=www.ndb.int|access-date=2016-08-16}}

In February 2019, the bank successfully placed CNY 3 billion RMB-denominated bond in the China Interbank Bond Market, and it was priced at the lower end of announced pricing range.{{Cite web|url=https://www.ndb.int/press_release/ndb-successfully-placed-3-bln-rmb-bond-china-interbank-bond-market/|title=NDB successfully placed 3 billion RMB bond in China Interbank Bond Market|website=New Development Bank|language=en-US|access-date=2019-03-06}}

On May 18, 2022, the New Development Bank issued a 7 billion RMB - 3 year bond into the Chinese Interbank Bond Market (CIMB), making it the largest bond ever made by foreign issuers. It received an Issuer Rating(IR) of AA+ from both S&P and Fitch.{{Cite web |last=王俊伟 |title=BRICS bank issues 7-billion-yuan bond in China's interbank bond market |url=https://www.chinadaily.com.cn/a/202205/19/WS628651c6a310fd2b29e5dd4f.html |access-date=2022-12-12 |website=www.chinadaily.com.cn}}{{Cite web |last=Unknown |date=May 19, 2022 |title=NEW DEVELOPMENT BANK ISSUES CNY 7 BILLION BOND IN CHINA INTERBANK BOND MARKET |url=https://www.ndb.int/press_release/new-development-bank-issues-cny-7-billion-bond-in-china-interbank-bond-market/}}

The Articles of Agreement of the bank say that the NDB was established to complement the existing efforts of multilateral and regional financial institutions for global growth and development. Moreover, the NDB is authorized by its founders to cooperate within its mandate with other international organizations, as well as national entities (public or private), in particular with international financial institutions and national development banks.

The NDB President K.V.Kamath stresses that the bank regards other international financial institutions, including IMF and World Bank as partners, not rivals.{{Cite news|url=http://economictimes.indiatimes.com/articleshow/48002259.cms|title=Not here to compete with IMF, World Bank: NDB chief KV Kamath - The Economic Times|newspaper=The Economic Times |date=9 July 2015 |access-date=2016-08-30}}

In July 2016, the NDB signed with Asian Development Bank (ADB) a memorandum of understanding on strategic cooperation. The two institutions expressed willingness to work together through co-financing and knowledge exchanges in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment.{{Cite web|url=http://www.ndb.int/ndb-adb-sign-mou-on-cooperation-for-sustainable-iclusive-growth.php#parentHorizontalTab2|title=President of the New Development Bank K. V. Kamath Met President of the Russian Federation Vladimir Putin|website=www.ndb.int|access-date=2016-08-26}}

According to a representative of the Bank's management, the NDB and AIIB are sister institutions in many respects. These two banks have complementary mandates and different geographic focuses, with the NDB being more focused on BRICS countries. At the same time, there is a certain overlapping between mandates of the NDB and the AIIB, as both of them are aimed at developing infrastructure and pay a special attention to sustainable development. However, due to the fact that current financing and investment patterns are inadequate in meeting investment needs, there is "space for newcomers", he said.{{Cite web|url=http://insight.amcham-shanghai.org/5-minutes-with-leslie-maasdorp-of-the-new-development-bank/|title=5 Minutes with Leslie Maasdorp of the New Development Bank – Insight|website=Insight|language=en-US|access-date=2016-03-29|archive-date=11 April 2016|archive-url=https://web.archive.org/web/20160411043429/http://insight.amcham-shanghai.org/5-minutes-with-leslie-maasdorp-of-the-new-development-bank/|url-status=dead}}

In February 2016, the president of the NDB dismissed concerns over overlapping of interests of China-backed AIIB and the NDB.{{Cite news|url=http://timesofindia.indiatimes.com/business/india-business/First-Brics-bank-loan-to-India-likely-for-solar-project-Kamath/articleshow/51178889.cms?|title=First Brics bank loan to India likely for solar project: Kamath - Times of India|website=The Times of India|date=28 February 2016 |access-date=2016-03-18}}

According to media reports, other multilateral development institutions, including the World Bank Group (WBG), have expressed an intention to work together with the NDB.{{Cite web|url=http://news.xinhuanet.com/english/2015-07/24/c_134441415.htm|archive-url=https://web.archive.org/web/20150728003859/http://news.xinhuanet.com/english/2015-07/24/c_134441415.htm|url-status=dead|archive-date=28 July 2015|title=China Headlines NDB president says to work with AIIB, hails bloc's significance - Xinhua|website=news.xinhuanet.com|access-date=2016-03-30}} In September 2016, NDB and World Bank Group signed a memorandum of understanding on cooperation and it was announced that the NDB and WBG's cooperative efforts will focus primarily on infrastructure.{{Cite news|url=http://www.ndb.int/press_release/world-bank-group-new-development-bank-lay-groundwork-cooperation/|title=World Bank Group, New Development Bank Lay Groundwork for Cooperation - New Development Bank|work=New Development Bank|access-date=2017-04-28|language=en-US}}

• World Bank
• Inter-American Development Bank (IDB)
• Financial Fund for the Development of the River Plate Basin (FONPLATA)
• European Bank for Reconstruction and Development (EBRD)
• Asian Infrastructure Investment Bank (AIIB)
• Caribbean Development Bank (CDB)
• Eurasian Development Bank (EDB)
• International Investment Bank (IIB)
• Development Bank of Latin America and the Caribbean (CAF)
• Asian Development Bank (ADB)
• Islamic Development Bank (IsDB)
• European Investment Bank (EIB)

• Development Bank of Southern Africa (DBSA)
• Agricultural Development Bank of China (ADBC)
• Exim Bank of China
• China Development Bank (CDB)
• Brazilian National Bank for Economic and Social Development (BNDES)

File:New Development Bank Logo.svg

In July 2014, Nobel Prize winning economist Joseph Stiglitz said the NDB marks a "fundamental change in global economic and political power." In his opinion, "The existing institutions just don't have enough resources."{{Cite web|url=http://www.democracynow.org/2014/7/17/nobel_economist_joseph_stiglitz_hails_new|title=Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Dominated World Bank & IMF|website=Democracy Now!|access-date=2016-03-16}}

In the analysis of academic Suisheng Zhao, China's role in the creation of the NBD is "a symbolic gesture to create a sort of IMF clone writ small toward reshaping the Western-dominated international financial architecture."{{Cite book |last=Zhao |first=Suisheng |url=https://www.worldcat.org/oclc/1331741429 |title=The dragon roars back : transformational leaders and dynamics of Chinese foreign policy |date=2023 |publisher=Stanford University Press |isbn=978-1-5036-3088-8 |location=Stanford, California |pages=243 |oclc=1331741429 |author-link=Suisheng Zhao}}

Chinese Premier Li Keqiang called the opening of the NDB an "important step forward" in cooperation among BRICS countries. "This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system," Li Keqiang said at a meeting with K. V. Kamath in Beijing in July, 2015.{{Cite web|url=http://www.china.org.cn/business/2015-07/24/content_36136846.htm|title=NDB president says to work with AIIB - China.org.cn|website=www.china.org.cn|access-date=2016-03-30}}

China Finance Minister Lou Jiwei said that the establishment of the NDB and the Beijing-led AIIB would encourage existing multilateral institutions to do better. At a news conference at the conclusion of the G20 meeting of finance ministers and central bank governors in Shanghai he added that the New Development Bank could help drive aggregate global demand.{{Cite news|url=https://www.reuters.com/article/g20-china-ndb-idUSB9N12Y01V|title=China finmin says establishment of NDB may help drive global demand|date=2016-02-27|newspaper=Reuters|access-date=2016-03-18}}

8 July 2015, VTB CEO Andrey Kostin said that the NDB is "important because it's a first institution created by the BRICS countries." "Actually we are talking about the institutionalization of the BRICS process, and that's quite important I think. It's a permanent working instrument which will be working every day and which will be in the heart of BRICS cooperation," he added.

According to former Reserve Bank of India governor Raghuram Rajan, the NDB "Is a co-operative effort between all BRICS countries." "We have already reached contingency reserve agreement (CRA). This is second. Let's see how it develops. Lots of hopes embedded in it for greater cooperation (among the) BRICS countries," he told reporters in February 2016.{{Cite web|url=http://www.hindustantimes.com/business/brics-bank-a-worthwhile-venture-off-togood-start-rbi-guv-rajan/story-Tj7GdRFQnI0MDXjWYKARXP.html|title=BRICS bank a 'worthwhile venture', off to good start: RBI guv Rajan|website=Hindustan Times|date=27 February 2016 |access-date=2016-03-18}}

File:NDB-HQ-LOGO.jpg

The logo of the New Development Bank borrows from the mathematical concept of a Mobius strip that symbolizes the idea of continuous transformation. Its nature is not to disrupt but drive change in the existing system from within.{{Cite web|url=http://articles.economictimes.indiatimes.com/2016-01-07/news/69589856_1_new-development-bank-brics-nations-brics-bank|archive-url=https://web.archive.org/web/20160416234121/http://articles.economictimes.indiatimes.com/2016-01-07/news/69589856_1_new-development-bank-brics-nations-brics-bank|url-status=dead|archive-date=16 April 2016|title=DY Works bags integrated branding rights for BRICS bank|website=timesofindia-economictimes|access-date=2016-04-04}}{{Cite web|url=http://dyworks.in/works/ndb/|title=New Development Bank {{!}} DYWORKS|website=dyworks.in|access-date=2016-04-04}}

The logo consists of a triangle in motion at one end signifying balanced evolution. The other end, moving in the opposite direction, is a propeller that represents speed and dynamism. These two entities are held together by a wireframe, the skeletal basic of infrastructure. The logo is rendered in gradient of green that symbolizes sustainability. This constant motion symbolizes the values that the bank strives to live by – agility, innovation and continuous transformation.{{Cite web|url=http://www.ndb.int/our-identity.php|title=Our Identity {{!}} New Development Bank|website=www.ndb.int|access-date=2016-04-04|archive-date=6 April 2023|archive-url=https://web.archive.org/web/20230406212429/https://www.ndb.int/our-identity.php|url-status=dead}}

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