About Us

Building
Sustainable
Future

Board of Governors

Mr. Henrique de Campos Meirelles

Governor of NDB
Minister of Finance

Mr. Ilan Goldfajn

Alternate Governor of NDB
Governor of the Central Bank of Brazil

Mr. Anton Siluanov

Governor of NDB
Minister of Finance

Mr. Arun Jaitley

Governor of NDB
Minister of Finance,
Corporate Affairs and Information & Broadcasting

Mr. Subhash Chandra Garg

Alternate Governor of NDB
Secretary (Economic Affairs), Ministry of Finance

Mr. Jie Xiao

Governor of NDB
Minister of Finance
Chairman of the Board of Governors

Mr. Yaobin Shi

Alternate Governor of NDB
Vice Minister of Finance

Mr. Malusi Gigaba

Governor of NDB
Minister of Finance
Vice-Chairman of the Board of Governors

Mr. Sifiso Buthelezi

Alternate Governor of NDB
Member of Parliament and Deputy Minister of Finance

BOARD OF DIRECTORS

Mr. Marcello de Moura Estevão Filho

Director of NDB, Secretary for International Affairs, Ministry of Finance, Chairman of the Board of Governors

Mr. Tiago Couto Berriel

Alternate Director of NDB, Deputy Governor, International Affairs and Corporate Risks, Central Bank of Brazil

Mr. Sergei Storchak

Director of NDB, Deputy Minister of Finance

Mr. Andrey Bokarev

Alternate Director of NDB, Director of Department for International Financial Affairs, Ministry of Finance

Mr. K. V. Kamath

President, New Development Bank

Mr. M. M. Kutty

Director of NDB, Additional Secretary, Department of Economic Affairs, Ministry of Finance

Mr. Govind Mohan

Alternate Director of NDB, Joint Secretary (International Economic Relations Division) of the Ministry of Finance

Mr. Shixin Chen

Director of NDB (Director General, Ministry of Finance)

Mr. Guoqi Wu

Alternate Director of NDB (Director, Ministry of Finance)

Mr. Dondo Mogajane

Director of NDB (Director General of the National Treasury)

Mr. Monale Ratsoma

Alternate Director of NDB (Deputy Director General of the National Treasury)

Committees

The Board of Directors of the NDB appoints the following committees to ensure seamless execution of our work:

Audit, Risk and Budget Compliance Committee
  • All Board Members including the President
  • The Committee shall meet at least four times a year
Credit and Investment Committee
  • The President (Chair) and the 4 Vice-Presidents
  • The Committee shall meet at least every month or more frequently as needed
Finance Committee
  • The President (Chair) and the 4 Vice-Presidents
  • The Committee shall meet at least monthly or as necessary
  • Two Sub-Committees: Operation Committee & Treasury Committee
    Both have the following composition and meeting frequency:

    • Group A – 4 Vice-Presidents
    • Group B – 5 Directors General from Treasury, Risk, Operations, Compliance and the General Counsel.
    • The Sub-Committees shall meet at least monthly or as necessary

Shares Distribution and Voting Powers

1. Authorized and subscribed capital

The New Development Bank shall have an initial subscribed capital of US$ 50 billion and an initial authorized capital of US$ 100 billion.

The initial subscribed capital shall be equally distributed amongst the founding members. The voting power of each member shall equal its subscribed shares in the capital stock of the Bank. The initial subscribed capital of the Bank shall be fifty billion dollars (US$50,000,000,000). The subscribed capital stock shall be divided into paid-in shares and callable shares. Shares having an aggregate par value of ten billion dollars (US$10,000,000,000) shall be paid-in shares, and shares having an aggregate par value of forty billion dollars (US$40,000,000,000) shall be callable shares.

The initial authorized capital of the Bank shall be one hundred billion dollars (US$100,000,000,000), which shall be divided into 1,000,000 (one million) shares, having a par value of one hundred thousand dollars (US$ 100,000) each, available for subscription only by members in accordance with the provisions of the Agreement on the New Development Bank. The value of 1 (one) share, will also be the minimum amount to be subscribed for participation by a single country.

An increase of the authorized and subscribed capital stock of the Bank, as well as the proportion between the paid in shares and the callable shares may be decided by the Board of Governors at such time and under such terms and conditions as it may deem advisable, by a special majority of the Board of Governors.

Shareholding Structure of the NDB

2. Subscription of shares

Each member shall subscribe to shares of the capital stock of the Bank. The number of shares to be initially subscribed by other members shall be determined by the Board of Governors by special majority on the occasion of the acceptance of their accession. Each founding member shall initially subscribe 100,000 (one hundred thousand) shares, in a total of ten billion dollars (US$10,000,000,000), of which 20,000 (twenty thousand) shares correspond to paid in capital, in a total of two billion dollars (US$2,000,000,000) and 80,000 (eighty thousand) shares correspond to callable capital, in a total of eight billion dollars (US$8,000,000,000).

Shares of stock initially subscribed by founding members shall be issued at par. Other shares shall be issued at par unless the Board of Governors decides in special circumstances to issue them on other terms. No increase in the subscription of any member to the capital stock shall become effective, and any right to subscribe thereto is hereby waived, which would have the effect of: (i) reducing the voting power of the founding members below 55 (fifty-five) per cent of the total voting power; (ii) increasing the voting power of the non-borrowing member countries above 20 (twenty) per cent of the total voting power; and (iii) increasing the voting power of a non-founding member country above 7 (seven) per cent of total voting power.