BRICS BANK (NEW DEVELOPMENT BANK)
The eighth annual meeting of the BRICS New Development Bank (NDB) commenced in Shanghai on Tuesday, with Russian Finance Minister Anton Siluanov presenting its development plans. Established in 2014 by Brazil, Russia, India, China, and South Africa, the NDB started its operations a year later. Subsequently, Bangladesh, the United Arab Emirates, and Egypt joined the bank, and Uruguay is in the process of becoming a member. Saudi Arabia is also engaged in discussions to join the NDB, which would strengthen ties between the BRICS countries and the world's second-largest oil producer.