In July 2015, Brazil, Russia, India, China, and South Africa, known as BRICS, established the New Development Bank.
Despite its small membership, NDB’s total project financing matches that of long-standing multilaterals. Its total project approvals by the end of 2024 amounted to $39 billion, according to its website.
NDB has also expanded its membership, which now includes Algeria, Bangladesh, Egypt, and the United Arab Emirates. Uruguay is also in the process of accession.