By Aamir Latif
KARACHI, Pakistan (AA) – Indonesia’s president on Tuesday announced that his country will join the New Development Bank (NDB), a multilateral bank developed by member nations of the economic bloc BRICS.
The decision was made after discussions with the bank and Indonesia's financial team, Prabowo Subianto said, according to local English daily Tempo.
"After an examination by the finance minister and discussions, I have decided to join the New Development Bank and follow the procedures and requests that have been given to us," Prabowo was quoted as saying by the outlet.
The NDB is a multilateral development bank established in 2014 by BRICS, a grouping founded by Brazil, Russia, India, China, and South Africa, with Indonesia joining this January. The bank is headquartered in Shanghai with regional centers in Africa.
The bank has an initial capital of $100 billion, funded by the founding countries.
Currently, BRICS accounts for 40% of the world's population and 35% of global GDP, making it a significant player on the geopolitical stage. Its membership continues to grow, with 13 nationsr recently joining as partner countries.