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BRICS New Development Bank Governors approve Uzbekistan's accession

The bank has eight members, those being Bangladesh, Brazil, Egypt, India, China, the United Arab Emirates, Russia, and South Africa

TASHKENT, June 9. /TASS/. The Board of Governors of the BRICS New Development Bank has given its consent for Uzbekistan to join the bank's member countries, the press service of the republic's President Shavkat Mirziyoyev reported. It is noted that the Uzbek leader received the bank's President Dilma Rousseff on Monday.

"The issues of developing practical cooperation with this multilateral financial institution were discussed," the statement said.

During the conversation, the parties positively assessed the implementation of the agreements. "The Board of Governors of the bank gave its consent in principle for Uzbekistan to join the member countries of the New Development Bank," the press service said, adding that a program of priority joint projects worth $5 billion has already been formed.

The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. It has eight members, those being Bangladesh, Brazil, Egypt, India, China, the United Arab Emirates (UAE), Russia, and South Africa. The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries. The bank has its own capital worth $100 bln.

Since its founding, the bank has approved 98 projects totaling over $338 bln in support of such areas as transportation, water, clean energy, digital and social infrastructure, as well as urban construction. The bank is headquartered in Shanghai.

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