The New Development Bank (NDB or the Bank) was established in 2015 by Brazil, Russia, India, China, and South Africa (collectively BRICS or the BRICS countries) to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries (EMDCs). The Bank is headquartered in Shanghai and has regional offices in all five BRICS countries. EMDCs as a group host the majority of the planet’s population, with the BRICS countries alone accounting for more than 40% of the world’s population. The pace and quality of development within these countries will determine the extent to which the world is able to meet its aspirations for sustainable development. As the first MDB created and majority owned by EMDCs, NDB will continue to support their rise in the world economy and help them fulfill their commitments to the Sustainable Development Goals (SDGs) and the Paris Agreement on Climate Change. NDB was created to be a global institution with a membership base that reflects its focus on EMDCs. To expand its reach and impact, NDB took significant strides towards membership expansion in 2021 by admitting Bangladesh, Egypt, United Arab Emirates (UAE), and Uruguay as its first new members, bringing over 280 million people who could benefit from the Bank's development solutions. NDB’s membership is open to all members of the United Nations. Continued membership expansion to promote infrastructure and sustainable development in EMDCs is a key priority for the Bank.