UAE adheres to BRICS-backed New Development Bank (NDB)

The UAE has joined as new member the New Development Bank (NDB), founded by BRICS states, namely Brazil, Russia, India China and South Africa, the bank said in a statement relayed by Zawya.

“We warmly welcome the UAE into the NDB family. It’s a particular honor that the UAE joins us on the occasion of its Golden Jubilee celebration. These 50 years have seen the UAE rise as one of the world’s most innovative and dynamic economies,” said Marcos Troyjo, president of NDB.

The bank has admitted the Gulf country in line with its strategy to become the “premier development institution” for emerging economies.

“The UAE will have in NDB a new platform to foster cooperation in infrastructure and sustainable development with BRICS and upcoming new members,” it added.

NDB supports projects of member countries through guarantees, loans and other financial instruments. The Shanghai-based financial institution, set up six years ago, has approved about 80 projects totaling a portfolio of $30 billion.

UAE has welcomed its membership that it deems will “enhance the role of the UAE economy on the global stage”, Zawya notes.

“This monumental step would not have been achieved without the vision and directions of the UAE leadership who believe in the importance of supporting development projects around the world especially in the emerging economies,” Obaid Humaid Al Tayer, the UAE’s Minister of State for Financial Affairs said.

The bank has also validated Uruguay and Bangladesh memberships.

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