Brasilia – On 25 April 2017, Mr. K.V.Kamath, the President of the New Development Bank met with Mr. Aloysio Nunes Ferreira, the Minister of Foreign Affairs of Brazil during the first official visit of the NDB President to Brazil. During the meeting, the main themes of the Bank’s current agenda, including the process of institutional consolidation and the expansion of membership were discussed.
The NDB was created in July 2014 at the BRICS Summit in Fortaleza 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. Brazil, Russia, India, China and South Africa have equal representation in the Bank.
In 2016, the NDB approved seven projects in the five BRICS countries, totaling over USD 1.5 bln. The NDB Board of Directors approved the provision of USD 300 mln to BNDES, Brazil’s national bank for economic and social development for supporting renewable sub-projects in solar, wind, hydropower and other areas.