United Development Bank
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|Formation||12 September, 2001|
|Type||International financial institutions|
|Affiliations||Forum of Nations|
The United Development Bank (UDB), formerly referred to as the International Investment Bank, is a global multilateral development bank operated by multiple nations as an alternative to other international banking organizations. The bank was set up to provide finance to infrastructure projects as well as financial assistance to members across the world. Together, the X countries comprise in 2018 more than XX people, cover more than a XX of the world’s land area over two continents, and account for more than XX percent of global GDP. It is headquartered in Dervaylik, Yisrael. The UBD has a policy of "one member, one vote" and no nation has access to veto powers. The UDB was created to ensure every nation in the world has access to investment funds and emergency support without 'economic or political bias'. The United Development Bank's membership is open to all internationally recognised states across the world.
Structure and aims
The bank's primary focus of lending is on infrastructure projects with authorised lending of up to $45 billion annually. The bank had starting capital of $145 billion, with capital to be increased to $200 billion over time. X initially contributed $15 billion each to bring the total to $45 billion, X contributed $55 billion, and Tarsas the remaining $45 billion. Each member cannot increase its share of capital without all other X members agreeing.