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BRICS Bank to expand with new members, resources

BRICS Bank to expand with new members, resources
Countries
BrazilChinaEgyptIndiaRussiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional DevelopmentSustainable Development

Source: The Financial Express | Original Published At: 2026-09-12 18:34:39 UTC

Key Points

  • BRICS leaders adopted the New Delhi Declaration, resolving to expand New Development Bank membership and strengthen the bank's capacity to mobilise resources.
  • The declaration calls for expedited consideration of applications from interested BRICS countries and for expanded local currency financing.
  • The New Development Bank is to support projects advancing sustainable development, reducing inequality, promoting infrastructure investment, and fostering economic integration.
  • The bank currently focuses on clean energy, transport infrastructure, water and sanitation, social infrastructure, and bridging the digital divide.
  • BRICS welcomed the launch of the BRICS-NDB knowledge portal to share development experiences, policy innovations, and lessons from financed projects.
  • The declaration urged urgent IMF and World Bank reforms, including implementation of agreed quota increases and meaningful quota realignment for emerging markets and developing economies.
  • BRICS also welcomed progress on the BRICS Multilateral Guarantees initiative and continued strengthening of the Contingent Reserve Arrangement as a financial safety net.
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