BRICS New Development Bank hopes to expand by drawing other nations as members
Market demand is big enough for old and new players, says bank’s vice president Zhu Xian
The New Development Bank, an infrastructure-focused lender initially set up to serve the five BRICS nations, is expected to add new members as early as next year, its vice president said on Thursday in Shanghai.
“It is very likely that we will see new members joining us in 2017 or 2018,” said Zhu Xian, vice president and chief operating officer of the bank, on the sidelines of a NDB seminar.
He noted that new members were unlikely to be added this year, as it takes time to go through due procedures and discussions with interested countries.
The NDB’s board of governors, who gathered in Shanghai for the bank’s first annual meeting that ended on Thursday, agreed that it was time for the bank to welcome new members for its future development, Zhu said.
Expanding the membership from the five founding members – Brazil, Russia, India, China and South Africa – has been ticked as a key task for the bank to become a truly global player.
The Shanghai-based policy bank reflects Beijing’s will to spread its global influence amid the rise of emerging economies.