Uzbekistan has officially become the 10th member of the New Development Bank (NDB), marking the first time a Central Asian nation has joined the BRICS-led multilateral financial institution. The country completed its accession on June 5, 2026, after President Shavkat Mirziyoyev ratified the NDB Articles of Agreement. This membership unlocks access to a lender that has approved nearly 140 projects worth over USD 43 billion since its establishment in 2015.
What Is the New Development Bank?
The New Development Bank (NDB) is a multilateral development bank (MDB) established by the five BRICS nations: Brazil, Russia, India, China, and South Africa. The agreement to set up the bank was signed during the 6th BRICS Summit in Fortaleza, Brazil, in July 2014, and the bank became operational in 2015. It was created as an alternative to traditional Western-dominated financial institutions like the World Bank and the IMF, with a focus on financing infrastructure and sustainable development projects in emerging economies.
The NDB is headquartered in Shanghai, China, and has regional offices in Johannesburg (Africa Regional Centre), Sao Paulo (Americas Regional Office), Moscow (Eurasian Regional Centre), and GIFT City, Gujarat (India Regional Office). The current President of the NDB is Dilma Rousseff, the former President of Brazil, who was re-elected for a second term in 2025.
Capital and Governance
The NDB has an authorised capital of USD 100 billion, of which the initial subscribed capital is USD 50 billion. This was divided equally among the five founding members, with each contributing USD 10 billion. The founding members hold equal shares of approximately 18.76% each.
A key feature of the NDB is its equal voting structure. Unlike the World Bank and IMF, where voting power is tied to capital contribution, each NDB member has one vote, and no country holds veto power. However, the combined voting share of the founding BRICS members is guaranteed to remain above 55% to maintain institutional balance.
Membership Expansion
Membership of the NDB is open to all United Nations member countries under its Articles of Agreement. The bank expanded beyond its five founding members for the first time in 2021. The current and prospective members are:
| Member | Date of Joining | Status |
|---|---|---|
| Brazil | July 2015 | Founding member |
| Russia | July 2015 | Founding member |
| India | July 2015 | Founding member |
| China | July 2015 | Founding member |
| South Africa | July 2015 | Founding member |
| Bangladesh | September 2021 | New member |
| UAE | October 2021 | New member |
| Egypt | February 2023 | New member |
| Algeria | May 2025 | New member |
| Uzbekistan | June 2026 | New member |
| Uruguay | Admitted | Prospective (pending accession) |
| Colombia | Admitted | Prospective (pending accession) |
| Ethiopia | Admitted | Prospective (pending accession) |
The NDB’s current members represent approximately 42% of the world’s population, 27% of the global surface area, and over 20% of global GDP.
Uzbekistan’s Accession: Process and Details
Uzbekistan’s journey to NDB membership moved through several stages. The country was first admitted by the NDB Board of Governors, following which President Shavkat Mirziyoyev signed the accession law on May 21, 2026. The membership formally took effect on June 5, 2026, after Uzbekistan deposited its instrument of ratification for the NDB Articles of Agreement.
The announcement was confirmed by Andrey Bokarev, Director General of the NDB’s Eurasian Regional Centre, who noted that Uzbekistan’s strong economic performance made it a natural fit for membership. Between 2023 and 2025, Uzbekistan’s economy grew at an average annual rate of more than 6.7%, while its population increased by over 1.5 million people during the same period.
Uzbekistan has already begun planning for NDB-backed projects. A preliminary portfolio valued at approximately USD 4.5 billion has been identified, covering transportation infrastructure, energy, industry, utilities, and water supply. On June 18, 2026, President Mirziyoyev met with NDB President Dilma Rousseff, who was in Tashkent for the Tashkent International Investment Forum, and both sides agreed to develop a medium-term portfolio of joint projects with the help of NDB expert missions.
Significance of Uzbekistan’s Membership
For Uzbekistan
Uzbekistan, the most populous country in Central Asia with over 36 million people, gains access to a significant new source of long-term development financing. The NDB’s mandate to fund infrastructure and sustainable development projects aligns closely with Uzbekistan’s ambitious infrastructure modernisation agenda. The preliminary project pipeline of USD 4.5 billion across transport, energy, water, and industrial sectors represents a substantial addition to the country’s development resources.
Uzbekistan has also been deepening its engagement with BRICS. It became a partner member of BRICS during the grouping’s summit in Brazil in July 2025. While NDB membership is not tied to BRICS membership, the two tracks complement each other.
For Central Asia
Uzbekistan’s entry marks the first representation of Central Asia in the NDB’s membership. Central Asia is one of the world’s most dynamically developing regions, with growing infrastructure needs in connectivity, energy, and water management. The region’s strategic location along the ancient Silk Road and its rich natural resources make it a critical area for infrastructure investment. The NDB’s presence in Central Asia could also support regional connectivity projects, including the International North-South Transport Corridor (INSTC) and the Trans-Caspian International Transport Route, both of which involve Central Asian states.
For the NDB
The addition of Uzbekistan strengthens the NDB’s geographic diversity and its footprint in Central Asia, a region historically underserved by multilateral development banks. The NDB’s General Strategy for 2022-2026 places strong emphasis on expanding membership across different regions and supporting new member countries. NDB President Dilma Rousseff has indicated that the bank’s new five-year strategy will give special attention to new members, making Uzbekistan’s entry particularly timely.
The bank has also approved Uruguay, Colombia, and Ethiopia as prospective members, signalling continued expansion beyond the founding BRICS group into Latin America and Africa.
NDB’s Expanding Footprint and India’s Role
India is a founding member of the NDB and holds an equal share of approximately 18.76% of the bank’s subscribed capital, on par with the other four founding members. The India Regional Office of the NDB is located in GIFT City, Gujarat, marking the first international financial institution to establish a presence in India’s first International Financial Services Centre.
The NDB has been a significant development partner for India, financing major infrastructure projects across the country. These include the Delhi-Ghaziabad-Meerut Namo Bharat Regional Rapid Transit System (RRTS), an 82-kilometre corridor that cuts travel time between Delhi and Meerut to just 55 minutes, inaugurated in February 2026. The Kumar Bhaskar Varma Setu, a six-lane bridge over the Brahmaputra River in Assam financed through a USD 300 million NDB loan, was also inaugurated in February 2026. The Lucknow Metro Rail Project (Phase 1B) was approved in May 2026, and the Madhya Pradesh State Highways Improvement Project received a USD 490 million loan in December 2024. On the energy front, the NDB has supported renewable energy projects such as the ReNew Peak Power hybrid plant in Andhra Pradesh that combines wind, solar, and battery storage. It has also financed affordable housing through Piramal Finance and sustainable transport through Shriram Finance.
The NDB has committed to allocating 40% of its financing to climate projects and 30% in local currencies under its 2022-2026 strategy, both of which are priorities for India’s green transition and financial goals.
The Way Forward
With Uzbekistan on board, NDB expert missions are expected to visit Tashkent to finalise the USD 4.5 billion project pipeline across energy, water management, transport, and engineering infrastructure. The bank has also discussed supporting Uzbekistan’s environmental transformation programmes.
The NDB’s continued expansion signals a broader shift in the global financial architecture. With prospective members from Latin America (Uruguay, Colombia) and Africa (Ethiopia) awaiting accession, the bank is steadily building a network of developing and emerging economies that seek an alternative to traditional Bretton Woods institutions. The bank has approved 139 projects worth approximately USD 43 billion since its inception, with a strong focus on clean energy, transport infrastructure, water and sanitation, and digital infrastructure.
For Central Asia, Uzbekistan’s membership could pave the way for other regional countries to join the NDB, further integrating the region into the Global South’s emerging financial cooperation framework.
Key Takeaways
- Uzbekistan became the 10th member of the New Development Bank (NDB) on June 5, 2026, the first Central Asian nation to join the institution.
- The NDB was established in 2015 by the five BRICS nations and is headquartered in Shanghai, China, with an authorised capital of USD 100 billion.
- Each NDB member has one vote under its equal governance structure, no country holds veto power, and the founding members’ combined voting share must remain above 55%.
- India is a founding member with an equal 18.76% share, and the NDB’s India Regional Office is located in GIFT City, Gujarat.
- The NDB has approved 139 projects worth approximately USD 43 billion focused on infrastructure and sustainable development in emerging economies.
- Uzbekistan has identified a preliminary project portfolio of USD 4.5 billion covering transport, energy, water supply, and industrial infrastructure.
