Recently, Uzbekistan officially joined the New Development Bank (NDB) as its 10th member, becoming the first country from Central Asia to become part of this BRICS-led multilateral development institution.
About the New Development Bank (NDB)
The New Development Bank is a multilateral development bank established by the five BRICS countries - Brazil, Russia, India, China, and South Africa.
- The decision to establish the bank was taken at the 6th BRICS Summit held in Fortaleza, Brazil in 2014
- It became operational in 2015
- Headquarters: Shanghai, China
- Core objective: Mobilising financial resources for infrastructure and sustainable development projects in BRICS countries and other Emerging Market and Developing Economies (EMDCs)
New Development Bank (NDB) Capital Structure
The authorised capital of the NDB is USD 100 billion. Out of this, the initial subscribed capital was USD 50 billion, which was equally contributed by the five founding BRICS members.
New Development Bank (NDB) Governance and Voting System
The governance model of the NDB is distinct from traditional institutions such as the World Bank.
- Each member country has one vote, ensuring equal representation
- There is no veto power, promoting collective decision-making
- Unlike capital-based voting systems, influence is not directly tied to financial contribution
- However, the combined voting share of the founding BRICS members is ensured to remain above 55 percent to maintain institutional balance
New Development Bank (NDB) Membership
The New Development Bank allows membership to all United Nations member countries, as per its Articles of Agreement. Since 2021, the bank has gradually expanded beyond its original five founding members.
The current membership includes:
- Founding BRICS members: Brazil, Russia, India, China and South Africa
- Bangladesh (joined in 2021)
- United Arab Emirates (joined in 2021)
- Egypt (joined in 2023)
- Algeria (joined in 2025)
- Uzbekistan (joined in 2026)
In addition, Uruguay, Colombia and Ethiopia have been approved for membership by the Board of Governors. They will become full members once they complete the formal accession process.
Significance of Uzbekistan’s Entry in New Development Bank
Uzbekistan’s inclusion is important as it marks the first entry of a Central Asian country into the NDB. This expands the bank’s presence into a strategically important and fast-growing region.
It also strengthens infrastructure financing in developing and landlocked economies. In addition, it enhances the role of the Global South in global financial governance and supports the push for local currency-based financing to reduce dependence on the United States dollar.
Uzbekistan Joins New Development Bank FAQs
Q1: Which country has become the 10th member of the New Development Bank?
Ans: Uzbekistan has become the 10th member of the New Development Bank (NDB) with effect from 5 June 2026 after completing ratification of the Articles of Agreement.
Q2: Why is Uzbekistan’s membership in the New Development Bank (NDB) important?
Ans: Uzbekistan is the first Central Asian country to join the NDB, marking the bank’s expansion into Central Asia and strengthening its geographical diversity.
Q3: Which countries are current members of the New Development Bank (NDB) after expansion?
Ans: Current members include Brazil, Russia, India, China, South Africa, Bangladesh (2021), United Arab Emirates (2021), Egypt (2023), Algeria (2025), and Uzbekistan (2026).
Q4: What is the New Development Bank?
Ans: The New Development Bank is a multilateral development bank established by BRICS countries - Brazil, Russia, India, China and South Africa—to finance infrastructure and sustainable development in emerging markets and developing economies.
Q5: When was the New Development Bank (NDB) established and where is its headquarters?
Ans: The NDB was established following the 6th BRICS Summit in 2014 in Fortaleza, Brazil and became operational in 2015. Its headquarters is located in Shanghai, China.