Lesson 2/45 min
BIMSTEC, BRICS and development banks
BIMSTEC
- Full form: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
- Formed 6 June 1997 as BIST-EC (Bangladesh, India, Sri Lanka, Thailand); Myanmar joined later in 1997; Nepal and Bhutan in February 2004
- Seven members; secretariat in Dhaka (opened 2014)
- Secretary-general: Indra Mani Pandey (India), since 4 January 2024
- 14 sectors of cooperation (as one source states)
Watch out: One source names Tenzin Lekphell (Bhutan), who was the previous secretary-general. The current one is Indra Mani Pandey.
BRICS
- Brazil, Russia, India, China, South Africa; a bloc of emerging economies with no permanent headquarters
- It began as BRIC; it became BRICS when South Africa joined (2010–11)
- On 1 January 2024 Egypt, Ethiopia, Iran and the UAE joined; Indonesia joined in 2025
- India chairs in 2026; the 18th summit was held in New Delhi on 12–13 September 2026
Watch out: One source gives 9 members, a Shanghai headquarters and 2008, and counts Saudi Arabia as a new member. Shanghai is actually the headquarters of the New Development Bank; BRICS itself has none. Saudi Arabia was invited, but sources disagree on whether it is a full member.
New Development Bank (NDB)
- The BRICS bank; founded 15 July 2014; began operating 2016; headquarters Shanghai, China
- President: Dilma Rousseff (Brazil)
- Members: Brazil, Russia, India, China, South Africa, Bangladesh, the UAE, Egypt, Algeria, Colombia, Uzbekistan
- Members of the NDB that are not BRICS members: Bangladesh, Algeria, Colombia, Uzbekistan
Asian Infrastructure Investment Bank (AIIB)
- A Chinese initiative; founding agreement 24 October 2014; operating from 2016; headquarters Beijing
- President: Zou Jiayi (China), since 16 January 2026; the first president was Jin Liqun
- Seen as an alternative to the World Bank and the ADB
Asian Development Bank (ADB)
- Founded 22 August 1966; operations began 19 December 1966; headquarters Manila, Philippines
- 31 founding members; 69 members now
- First president Takeshi Watanabe; current president Masato Kanda (Japan), since 24 February 2025
- Bangladesh joined in 1973
Check yourself
Where is the NDB headquartered?
At a glance
- 1
BIMSTEC was formed on 6 June 1997; seven members; secretariat in Dhaka.
- 2
Nepal and Bhutan joined BIMSTEC in February 2004; the current secretary-general is Indra Mani Pandey.
- 3
BRICS: Brazil, Russia, India, China, South Africa; Egypt, Ethiopia, Iran and the UAE joined in 2024.
- 4
The NDB is headquartered in Shanghai; Bangladesh is an NDB member; the AIIB is headquartered in Beijing.
- 5
The ADB was founded on 22 August 1966; headquarters Manila; Bangladesh joined in 1973.