Indonesia has officially joined the BRICS-affiliated New Development Bank (NDB), marking a significant step in its expanding ties with global economic organizations. This decision comes just months after Indonesia fully integrated into the China-led economic alliance. President Prabowo Subianto met with NDB President Dilma Rousseff in Jakarta, where they discussed Indonesia’s membership and its potential role in the bank's future.
At a press conference held at the Merdeka Palace, President Prabowo confirmed the government’s decision to participate in the NDB, acknowledging the bank's potential to support the country's economic transformation. However, Prabowo did not specify how Indonesia plans to utilize the funds provided by the bank.
The NDB has historically focused its loans on its founding members—Brazil, Russia, India, China, and South Africa. Newer members, like Egypt, have faced delays in securing financial support, leading to some concerns about the bank’s ability to efficiently distribute resources to newer members. To date, the NDB has approved $39 billion in financing.
Rousseff, in her remarks, emphasized Indonesia's growing significance in the Global South and praised its structured, long-term economic vision. She also highlighted Prabowo’s 77 key development initiatives, which include efforts such as a national school feeding program, expanding palm oil production, and developing waste-to-energy projects.
The NDB was established with an initial authorized capital of $100 billion, focusing primarily on infrastructure and energy development. Membership is open to UN-recognized economies, with countries like Bangladesh, the UAE, and Egypt already part of the bank. Uruguay is in the process of joining, and BRICS has recently expanded to include Ethiopia, Iran, and now Indonesia.
This move reflects the growing global influence of BRICS, as more nations seek to strengthen their economic ties through institutions like the NDB. Indonesia’s membership is seen as an important step in its economic and geopolitical growth, offering the country greater access to global funding opportunities and a stronger presence in the international financial landscape.
Business
Stock Market Drops 1,000 Points After Trump’s Tariff Announcement
The stock market took a sharp dive, dropping nearly 1,000 points after President Donald Trump announced new tariffs targeting China and the European Union.
Airtel Uganda Expands Network in Fort Portal to Boost Tourism
Airtel Uganda has launched eight new network sites in Fort Portal City, strengthening its commitment to improving connectivity and accelerating digital transformation in the region.
Tesla Sales Drop Again in Germany Amid Backlash Against Musk
Tesla's sales in Germany have dropped significantly once again, despite an overall increase in the electric vehicle (EV) market.
Hooters Files for Bankruptcy Amid Financial Struggles and Change
Hooters, the well-known restaurant chain famous for its wings and unique brand image, has filed for bankruptcy due to rising operational costs and shifting consumer spending habits.
Elon Musk’s AI Firm xAI Acquires X in $33 Billion Deal
Elon Musk’s artificial intelligence company, xAI, has officially acquired X, the social media platform formerly known as Twitter, for $33 billion.
Tony Elumelu Joins IMF Advisory Council on Entrepreneurship
The International Monetary Fund (IMF) has appointed Tony O.
8 Chinese, 1 Ghanaian Arrested Over Missing ECG Containers
Ghana’s national security officers have arrested eight Chinese nationals and one Ghanaian at a factory in Shai Hills, Greater Accra, during an investigation into missing containers belonging to the Electricity Company of Ghana (ECG).
MTN and Airtel to Share Network Infrastructure in Uganda, Nigeria
MTN Group and Airtel Africa, two of Africa’s largest telecom companies, have partnered to share network infrastructure in Uganda and Nigeria.
Equity Bank Reports KSh 48.8 Billion Profit in 2024, Shows Growth
Equity Bank Group has announced a net profit of KSh 48.8 billion for the financial year ending December 2024.
Flydubai Partners With Network International to Offer Mobile Payments
Flydubai has partnered with Network International to introduce mobile money payments for Ugandan travelers, making it easier to book flights.
Samsung TV Pioneer Han Jong-hee Dies at 63 From Heart Attack
Han Jong-hee, a key figure behind Samsung’s global TV success, has died of a heart attack at the age of 63.
Ecobank Kenya Raises Ksh 3.5 Billion to Boost Regional Growth and Support SMEs
Ecobank Kenya has raised Ksh 3.5 billion to strengthen its financial capabilities and expand its services across East Africa.
Uganda’s Insurance Sector Struggles as USAID Cuts Lead to Job Losses
Uganda’s insurance industry is experiencing a rise in claims as job losses mount due to USAID funding cuts and government agency mergers.
Uganda Airlines to Launch Direct Flights to London Gatwick in May
Uganda Airlines will begin direct flights between Entebbe and London Gatwick starting May 18, 2025, a move aimed at strengthening ties between Uganda and the UK.
NPA Boss Vows Crackdown on Illegal Fuel Trade
The Chief Executive of the National Petroleum Authority (NPA), Godwin Kudzo Tameklo Esq., has pledged to take strong action against individuals and groups involved in illegal fuel trade.