NDB overview and recent achievements
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa in accordance with the Agreement on New Development Bank signed on 15 July 2014 in Fortaleza, Brazil.
The NDB was officially launched on 7 July 2015 on the eve of the BRICS Summit in Ufa, Russia.
The Headquarters Agreement with the Government of China was signed in February 2016 making the Bank fully operational.
The purpose of the Bank is to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
The NDB has an initial authorized capital of USD 100 billion and initial subscribed capital of USD 50 billion of which USD 10 billion will be paid in seven installments. The remaining USD 40bn is callable capital.
Currently, the paid-in capital of the Bank amounts to USD 2.6 billion.
The initial subscribed capital is equally distributed amongst the founding members. The voting power of each member is equal to the number of its subscribed shares in the capital stock of the Bank.
NDB has a Board of Governors, a Board of Directors, a President and Vice-Presidents. The President is elected from one of the founding members on a rotational basis, and there is at least one Vice President from each of the other founding members.
The operations of the Bank are conducted in accordance with sound banking principles.
Since the beginning of the NDB’s operations
- The Board of Directors approved a wide range of operational, financial, HR policies and frameworks that took into account the best practices adopted by other multilateral and national development institutions,
- The Bank received AAA institutional rating from 2 leading Chinese domestic rating agencies China Chengxin International Credit Rating Co., Ltd. and China Lianhe Credit Rating Co.,Ltd.,
- The Bank established partnerships with the key national and global institutions,
- The Board of Directors approved seven investment projects in member countries of the NDB for a total of over USD 1.5 bn, aimed to support the creation of renewable energy capacity, the reduction of the greenhouse gas emissions and the upgrade of roads,
- The Bank issued its first green bond in the amount of RMB 3bn.
Joint Statement: Delivering on the 2030 Agenda
9 October 2016
Statement by the Heads of the African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the International Finance Corporation, the Islamic Development Bank, the New Development Bank, the World Bank, and the International Monetary Fund
NDB President Reported on the Bank's Progress to BRICS Leaders at Summit in Goa
16 October 2016
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 …more
NDB Board of Directors Approves Loans for Two Projects in China and India During 7th Meeting in Shanghai
22 November 2016
The New Development Bank (NDB) announced today that its Board of Directors (BoD) has approved two loans for projects in China and India – Putian Pinghai Bay Offshore Wind Power Project (RMB 2 bln) and Madhya Pradesh Major District Roads Project (USD 350 mln). The appraised projects were presented at the seventh BoD Meeting held in Shanghai.
Mr. K. V. Kamath, the President of the Bank, …more