Indonesia announced that it will join the BRICS-backed New Development Bank NDB, headquartered in Shanghai, and has proposed 77 projects for funding.

• The move strengthens Jakarta's financial ties with BRICS economies as the bloc expands its role in global development financing.
• It deepens Jakarta’s financial engagement with China and the broader BRICS bloc, including Russia, India, and South Africa, at a time of shifting global economic power.
• President Prabowo made the announcement during a visit by NDB president and former Brazilian President Dilma Rousseff.

About New Development Bank (NDB)

The New Development Bank formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China, and South Africa).

Its Headquarters is in Shanghai, China.

According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments." Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."