BRICS

Key points:

• More than 20 countries had formally applied to join BRICS ahead of this year's summit and more than 20 others had expressed interest
• China and Russia have been pushing for expansion, while Brazil and India have been wary
• The five BRICS leaders were in closed-door discussions for two days before announcing the expansion

The United Arab Emirates, Argentina, Egypt and Ethiopia were also set to enter BRICS from January 1, 2024.

The bank is backed by Brazil, Russia, India, China and South Africa - collectively known as BRICS countries.

The NDB will lend money to developing countries to help finance infrastructure projects.

The bank is seen as an alternative to the World Bank and the International Monetary Fund, although the group says it is not a rival.

"Our objective is not to challenge the existing system as it is but to improve and complement the system in our own way," NDB President Kundapur Vaman Kamath said.