New Development Bank (NDB)
The New Development Bank, popularly called the "BRICS Bank," was established by the 2014 Fortaleza Declaration and became operational in 2016. It is headquartered in Shanghai and was created to mobilise resources for infrastructure and sustainable development in BRICS and other emerging economies, as an alternative to Western-dominated Bretton Woods institutions (World Bank, IMF).
- Headquarters: Shanghai, China.
- Authorised capital: US $100 billion.
- First President: K.V. Kamath (India); current President: Dilma Rousseff (Brazil).
- Expanded membership (2026): The NDB has grown beyond BRICS nations; recent additions include Colombia and Uzbekistan, bringing NDB membership to 11+ countries.
- The NDB promotes local-currency financing to reduce exposure to US dollar volatility — directly aligned with the de-dollarisation agenda at this FM meeting.
● Tracked since March 25, 2026 · last seen August 14, 2026 · updates as the daily brief publishes
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