section_path: Financial architecture/New Development Bank
section_name: New Development Bank
paragraph_text: New Development Bank
  
  The New Development Bank (NDB), formally referred to as the BRICS Development Bank, is a multilateral development bank operated by the five BRICS states. The bank's primary focus of lending is infrastructure projects with authorized lending of up to $34 billion annually. South Africa hosts the African headquarters of the bank. The bank has a starting capital of $50 billion, with wealth increased to $100 billion over time. Brazil, Russia, India, China, and South Africa initially contributed $10 billion each to bring the total to $50 billion. As of 2020, it had 53 projects underway worth around $15 billion. By 2024 the bank had approved more than $32 billion for 96 projects.
  
  In 2021, Bangladesh, Egypt, the United Arab Emirates and Uruguay joined the NDB.