Indonesia decides to join BRICS New Development Bank
Indonesian President Prabowo Subianto has announced the Government's decision to become a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
President Prabowo Subianto (right) and NDB President Dilma Vana Rousseff at their joint press conference. Photo courtesy of Antara.
BRICS is an intergovernmental organization consisting of 10 countries - Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Speaking at a joint press conference with NDB president Dilma Vana Rousseff on Tuesday, Prabowo said that this move took place after Indonesia’s financial team accessed the opportunity brought about the NDB membership.
The decision follows Indonesia's success in gaining a full BRICS membership earlier this year.
The NDB began operating in 2014 and is headquartered in Shanghai, China, with a regional office in South Africa. It aims to financially support sustainable development projects, particularly in developing countries.
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