NDB President Reported on the Bank’s Progress to BRICS Leaders at Summit in Goa
The President of the New Development Bank Mr.K.V.Kamath met today with the Leaders of Brazil, Russia, India, China and South Africa during the BRICS Summit in Goa, India. Mr.K.V.Kamath delivered an update on the progress of the NDB and obtained valuable guidance from them.
“We had a very good briefing to the Leaders of the BRICS countries. Essentially, it was our report on the first year and we shared with them what progress we had made in laying the foundation of the institution in terms of doing our first loans, raising our first green bond,” said Mr.K.V.Kamath after the meeting.
“We also shared what we would do in the coming year. Broadly, in the coming year we will look at lending another 2.5 bln dollars. We also said that in the coming year we would cooperate with other business groups in our member countries and BRICS Business Council to create a platform for sharing knowledge,” he added.
“We ended by saying that we believe that it is important for us to listen, learn, collaborate and innovate. And that is how we will proceed in the coming year,” stated the NDB President.
The New Development Bank was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging economies. The Bank will complement the efforts of other existing financial institutions to realize the common goal of global growth. The founding members of the NDB – Brazil, Russia, India, China and South Africa (BRICS) – have paid in capital of USD 1.5 billion thus far as capital contributions. With the signing of the Headquarters Agreement with the Government of the People’s Republic of China and Memorandum of Understanding with Shanghai Municipal People’s Government in February 2016, the Bank became fully operational.