A development bank agreed at Fortaleza and headquartered in Shanghai

Background

The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries.
The Agreement for establishing the NDB was signed during the sixth BRICS Summit in Fortaleza by the leaders.
The inaugural meeting of the NDB Board of Governors was held on 7 July 2015.
The bank later moved to its permanent headquarters in Shanghai.
Its membership is open to members of the United Nations, in accordance with its Articles of Agreement, and is open to borrowing and non-borrowing members.
In 2021 the Board of Governors approved the admission of Bangladesh, UAE, Egypt and Uruguay, which began the bank's expansion as a global multilateral institution.
Algeria and then Uzbekistan were admitted after that, and the bank's members list shows Bangladesh, the United Arab Emirates, Egypt, Algeria and Uzbekistan as new member countries alongside the five founders.
Uruguay, Colombia, Ethiopia, Angola, Zimbabwe and Belarus are listed as prospective members: the Board of Governors has admitted them, but each officially becomes a member country only once it deposits its instrument of accession.
The bank earmarked a total of USD 10 billion as a response to the COVID-19 pandemic.