Leaders of the BRICS group of leading emerging economy nations meeting this week will discuss opening their development bank to other countries

The New Development Bank (NDB) launched in 2014 by China, India, Russia, Brazil and South Africa has a subscribed capital of $50 billion, of which $10 billion is paid capital.

Diplomats for Brazil and one other BRICS nation said expansion of the bank is on the agenda at the annual summit Nov. 13-14.

NDB President K.V. Kamath said the bank’s membership is open to all members of the United Nations and its mandate is to mobilize funds for sustainable development projects in BRICS and other emerging economies and developing countries.

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