New world bank

You're referring to the New Development Bank (NDB), also known as the BRICS Bank!

The New Development Bank is a multilateral development bank established by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014. The bank aims to promote economic growth and development in the BRICS countries and other emerging markets.

Here are some key facts about the New Development Bank:

  1. Purpose: The NDB was created to provide financing for infrastructure and sustainable development projects in the BRICS countries and other emerging markets.
  2. Headquarters: The bank is headquartered in Shanghai, China.
  3. Capital: The initial capital of the bank is $100 billion, with each member country contributing $10 billion.
  4. Membership: The BRICS countries are the founding members of the bank, and other countries can join as members or observers.
  5. Governance: The bank is governed by a Board of Governors, which consists of one representative from each member country.
  6. Lending: The NDB provides loans, guarantees, and other financial instruments to support infrastructure and sustainable development projects.
  7. Focus areas: The bank focuses on projects in areas such as energy, transportation, water, and sanitation, as well as sustainable urban development, renewable energy, and climate change mitigation.
  8. Financing: The bank has approved over $20 billion in financing for projects in the BRICS countries and other emerging markets.

The New Development Bank is an important institution in the global development landscape, as it provides an alternative source of financing for infrastructure and sustainable development projects in emerging markets.