BRICS development bank admits Bangladesh as new member

Brazil, Russia, India, China and South Africa - a group of major emerging economies known as BRICS - launched the bank in 2015 and started formal talks with potential new members last year.

“New members will have in NDB a platform to foster their cooperation in infrastructure and sustainable development,” said NDB President Marcos Troyjo in a statement.

“We will continue to expand the bank’s membership in a gradual and balanced manner,” he said.

Since launch, the Shanghai-headquartered lender has signed off some 80 projects worth $30 billion in all of its five member countries stretching across sectors from transport, water and sanitation to clean energy or digital and social infrastructure.