New Development Bank prepares to expand membership

The New Development Bank, set up by India and other BRICS nations, has started the process of bringing in more member countries to expand presence in the global arena, having finalised the entry norms.
India, China, Brazil, Russia and South Africa, which make up the BRICS group, are currently the members of NDB.
At its second annual meeting held here, NDB had decided to prepare a list of countries to be invited for admission in the Shanghai- headquartered bank.
Presided by veteran Indian banker K V Kamath, NDB has finalised the terms, conditions and procedures that would be followed for the entry of new members.

Once admitted to the bank, the member has to appoint one governor and one alternate governor in accordance with the provisions of the Articles of Agreement.
New members should elect directors and alternates to represent them in the board as per the methodology established by the BoG.

"The total number of directors shall be no more than 10 (ten). One director and alternate may represent more than one member," according to the terms and conditions put out on the NDB website yesterday.
Among others, the prospective member has to deposit with the Brazil government "an instrument setting forth that it has acceded in accordance with its laws to the agreement on the NDB.

During its annual meeting in New Delhi, the bank's Board of Governors (BoG) approved the terms and conditions for admission of new members.
At the meet, it was agreed that the "bank will prepare a list of targeted countries to be invited for admission to the NDB and submit the list to the BoG for approval".
A multilateral development bank, NDB's board approved seven projects with loans aggregating over USD 1.5 billion in 2016.