Indonesia has allocated funds to purchase shares in the BRICS-backed New Development Bank (NDB), marking another step in Jakarta’s growing engagement with the China-led bloc of emerging economies. 

The move follows Indonesia’s formal entry into BRICS in January 2025 under President Prabowo Subianto’s administration, signaling the country’s increasing interest in joining key multilateral financial institutions associated with the group.

Chief Economic Minister Airlangga Hartarto confirmed that the government had received approval to make its paid-in capital payment to the NDB, a requirement for membership.

“It has been approved for us [Indonesia] to pay the paid-in capital,” Airlangga said on the sidelines of the 2025 Investor Daily Summit on Thursday, October 9, 2025 . He, however, declined to specify the amount, saying only, “There are calculations, but I forgot how much.”

Earlier in May, Airlangga revealed that Indonesia would need to contribute “a sum of money” as its paid-in capital, which could be made in seven installments. The exact timeframe for Indonesia’s formal entry into the bank remains unclear, though Airlangga said the government aims to finalize it “as soon as possible.”

Established in 2015 by Brazil, Russia, India, China, and South Africa, the NDB began with an initial subscription of 500,000 shares worth US$50 billion (Rp829 trillion). Each founding member holds 18.76 percent of the bank’s shares. The institution has since expanded to include Bangladesh, the United Arab Emirates (UAE), Egypt, Indonesia and most recently Algeria, with subscribed capital ranging from 1.04 to 2.24 percent.

According to the NDB, Bangladesh and the UAE have completed three installments of their paid-in capital, while Egypt has paid its first. Uruguay has also been approved as a member but has yet to complete the formal accession process. The NDB’s authorized capital stands at US$100 billion, with a total of US$39 billion already approved for 120 projects, mainly in transport, sanitation, and renewable energy sectors. So far, the bank’s financing has been limited to the five founding members, while projects from Bangladesh and Egypt await approval.

President Prabowo announced Indonesia’s intent to join the NDB during a meeting with NDB President Dilma Rousseff in March. He emphasized that Indonesia would comply with all procedures and viewed NDB membership as a “strong booster” for the nation’s economic transformation strategy.

Rousseff, for her part, praised Indonesia’s long-term development vision, highlighting Prabowo’s list of 77 national strategic projects, including a nationwide free meal program and the development of the palm oil production chain.

Indonesia’s entry into the NDB could open new funding avenues for its infrastructure and sustainability initiatives, further deepening its role within the BRICS framework and diversifying its international financial partnerships beyond traditional Western-led institutions.