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This is a BRICS bank which lends money to member countries. South Africa was a 20% shareholder, equal to the other members of BRICS at the time that the New Development Bank (NDB) was formed in 2014. Originally the NDB was funded by a $2bn grant from each of the five BRICS members. The NDB is fully operational with $10bn in capital and about 225 staff. We currently have a $3bn loan from the NDB and some of our state-owned enterprises have additional loans.  On 31-3-2023 the NDB had loans worth $14bn out of a balance sheet worth $27bn. The six new BRICS members in 2023 are not necessarily members of the NDB - although some will certainly take on membership while others will probably borrow from the bank. Notably, the NDB's assets are about 17% in Chinese renminbi and 66% in US dollars - which is normal for banking institutions world-wide and shows that the BRICS bank itself is heavily invested in US dollar-denominated assets.

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