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 23 investment projects with loans aggregating over USD 5.7 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%.