ECC endorses purchase of $582mn capital shares in BRICS’s New Development Bank
Source: Business Recorder | Original Published At: 2025-02-14 15:07:51 UTC
Key Points
- ECC approves $582 million purchase of NDB capital shares
- Pakistan seeks BRICS membership and NDB participation
- NDB focuses on infrastructure and sustainable development financing for BRICS and EMDCs
- BRICS group now includes five new members beyond original 2009 formation
The Economic Coordination Committee (ECC) has given its nod to the purchase of capital shares worth $582 million in the New Development Bank (NDB), according to a Finance Division statement.
Established in 2015 by BRICS countries, the NDB is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries (EMDCs).
“The ECC approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to USD 582 million, with USD 116 million as paid-in capital,” the statement read on Friday.
The countries that comprise BRICS—which stands for Brazil, Russia, India, China, and South Africa, and now five new members—are an informal grouping of emerging economies hoping to increase their sway in the global order. The group was established in 2009.
Pakistan is also looking forward to become a part of BRICS. The country applied for the membership of BRICS back in 2023.
“We have taken this decision after having noted the BRICS-related developments in Johannesburg,” Pakistan Foreign Office’s spokesperson said then.