{"id":109385,"date":"2026-06-22T16:24:28","date_gmt":"2026-06-22T10:54:28","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=109385"},"modified":"2026-06-22T16:24:28","modified_gmt":"2026-06-22T10:54:28","slug":"uzbekistan-joins-new-development-bank","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/uzbekistan-joins-new-development-bank\/","title":{"rendered":"Uzbekistan Joins New Development Bank, Becomes 10th Member"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<h2><b>About the New Development Bank (NDB)<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/new-development-bank-ndb\/\" target=\"_blank\"><b>New Development Bank<\/b><\/a><span style=\"font-weight: 400;\"> is a <\/span><b>multilateral development bank<\/b> <b>established by the five <a href=\"https:\/\/vajiramandravi.com\/upsc-exam\/brics\/\" target=\"_blank\">BRICS countries<\/a><\/b><span style=\"font-weight: 400;\"> &#8211; <\/span><b>Brazil, Russia, India, China, and South Africa.<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The decision to establish the bank was taken at the <\/span><b>6th BRICS Summit<\/b><span style=\"font-weight: 400;\"> held in <\/span><b>Fortaleza<\/b><span style=\"font-weight: 400;\">, Brazil in <\/span><b>2014<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It became operational in <\/span><b>2015<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Headquarters<\/b><span style=\"font-weight: 400;\">: Shanghai, China<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Core objective<\/b><span style=\"font-weight: 400;\">: Mobilising financial resources for infrastructure and sustainable development projects in BRICS countries and other <\/span><b>Emerging Market and Developing Economies (EMDCs)<\/b><\/li>\n<\/ul>\n<h2><b>New Development Bank (NDB)\u00a0 Capital Structure<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The authorised capital of the NDB is <\/span><b>USD 100 billion<\/b><span style=\"font-weight: 400;\">. Out of this, the initial subscribed capital was USD 50 billion, which was equally contributed by the five founding BRICS members.\u00a0<\/span><\/p>\n<h2><b>New Development Bank (NDB) Governance and Voting System<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The governance model of the NDB is distinct from traditional institutions such as the <\/span><a href=\"https:\/\/vajiramandravi.com\/current-affairs\/world-bank\/\" target=\"_blank\"><b>World Bank<\/b><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Each member country has one vote, ensuring equal representation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There is no veto power, promoting collective decision-making<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unlike capital-based voting systems, influence is not directly tied to financial contribution<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">However, the combined voting share of the founding BRICS members is ensured to remain above 55 percent to maintain institutional balance<\/span><\/li>\n<\/ul>\n<h2><b>New Development Bank (NDB) Membership\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The current membership includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Founding BRICS members<\/b><span style=\"font-weight: 400;\">: Brazil, Russia, India, China and South Africa<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bangladesh (joined in 2021)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">United Arab Emirates (joined in 2021)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Egypt (joined in 2023)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Algeria (joined in 2025)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Uzbekistan (joined in 2026)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In addition, <\/span><b>Uruguay, Colombia and Ethiopia<\/b><span style=\"font-weight: 400;\"> have been approved for membership by the Board of Governors. They will become full members once they complete the formal accession process.<\/span><\/p>\n<h2><b>Significance of Uzbekistan\u2019s Entry in New Development Bank\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Uzbekistan\u2019s inclusion is important as it marks the <\/span><b>first entry of a Central Asian country into the NDB<\/b><span style=\"font-weight: 400;\">. This expands the bank\u2019s presence into a strategically important and fast-growing region.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uzbekistan joins the New Development Bank as its 10th member and first Central Asian nation. Read about NDB, its members, governance, and significance.<\/p>\n","protected":false},"author":25,"featured_media":109371,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-109385","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/109385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=109385"}],"version-history":[{"count":4,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/109385\/revisions"}],"predecessor-version":[{"id":109393,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/109385\/revisions\/109393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/109371"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=109385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=109385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=109385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}