NDB overview and recent achievements
The New Development Bank (NDB) is a multilateral development bank established by the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa (BRICS) in accordance with the Agreement on the New Development Bank signed on 15 July 2014. The purpose of the NDB 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. Currently, the paid-in capital of the Bank amounts to USD 4.1 billion. The initial subscribed capital is equally distributed amongst the founding members.
As of now, the Board of Directors of the NDB approved 21 investment projects with loans aggregating over USD 5 billion. All projects are coherent with the Bank’s core focus on infrastructure and sustainable development.
In July 2016, the NDB issued its debut bond in China. It was the first time that an international financial institution issued a green financial bond in the China onshore interbank bond market. The size of the issue is RMB 3 billion (USD 449 million). The bond has a five-year term and nominal interest rate of 3.07%.
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