BRICS Development Bank accepts UAE, Bangladesh and Uruguay as new members...

The New Development Bank, set up by the BRICS group, said on Thursday it had accepted the United Arab Emirates, Uruguay and Bangladesh as members in its first push to expand.

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

“The new members will find in the New Development Bank a platform to strengthen their cooperation in infrastructure and sustainable development,” Marcus Troyho, President of the New Development Bank, said in a statement.

“We will continue to expand the membership of the Bank in a gradual and balanced manner.”

Since its launch, the Shanghai-based bank has approved nearly 80 projects worth $30 billion for all its members from the five countries, spanning sectors from transportation, water and sanitation, to clean energy, digital and social infrastructure.

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