An Arab country becomes a member of the BRICS Bank

The New Development Bank, set up by the BRICS group, said Thursday that it has accepted the UAE, Uruguay and Bangladesh as members in its first push for expansion.

Brazil, Russia, India, China and South Africa, a group of major emerging economies known as the BRICS, launched the bank in 2015 and entered 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, “he said in a note the president of the New Development Bank Marcus Troyho.

He continued: “We will continue to expand the bank’s membership in gradual and balanced way “.

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

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