New Development Bank facts for kids
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NDB headquarters in Shanghai, China
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| Abbreviation | NDB |
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| Formation | July 2014 (Treaty signed) July 2015 (Treaty in force) |
| Type | International financial institution |
| Legal status | Treaty |
| Headquarters | Shanghai, China |
| Members |  Algeria Bangladesh Brazil Colombia China Egypt India Russia South Africa United Arab Emirates Uruguay Uzbekistan Indonesia |
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Official language
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English |
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President
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Dilma Rousseff |
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Parent organization
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BRICS |
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The New Development Bank (NDB), also known as the BRICS Development Bank, is a special bank created by the BRICS countries. These countries are Brazil, Russia, India, China, and South Africa. The bank helps fund big projects, both public and private. It offers loans, guarantees, and other ways to help financially. The NDB also works with other international groups and provides technical help for projects.
The bank started with a lot of money, about $100 billion. This money was divided equally among the five founding countries. Each founding country has one vote, and no country has a special veto power.
The main office of the bank is in Shanghai, China. The NDB also has offices in other places. These include Johannesburg, South Africa (opened in 2016), São Paulo in Brazil, Ahmedabad in India, and Moscow in Russia.