On July 5, 2025, the Board of Governors (Board, BoG) of the New Development Bank (NDB) convened the Business Session of its Tenth Annual Meeting in Rio de Janeiro, Brazil, under the theme of “Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South”.
The BoG Meeting was chaired by H.E. Mr. Fernando Haddad, the Minister of Finance of the Federative Republic of Brazil and the NDB Governor for Brazil.
The Board welcomed the achievements of NDB in the past year and provided guidance in steering the New Development Bank towards a path of sustainable growth in the future at the juncture of its Ten-year Anniversary.
The Board of Governors officially admitted Colombia and Uzbekistan as borrowing members of the New Development Bank.
The Board of Governors discussed the General Strategy of the Bank and its implementation and provided guidance thereon.
The Board of Governors adopted its resolution on appointment of incoming Vice-President of the New Development Bank. Mr. Roman Serov was appointed as Vice-President of NDB from September 7, 2025, to September 6, 2030.
The Board elected H.E. Mr. Anton Siluanov, Minister of Finance of the Russian Federation and the NDB Governor for Russia as the next Chairperson of the Board of Governors. H.E. Mrs. Nirmala Sitharaman, Minister of Finance of the Republic of India and the NDB Governor for India was elected as the next Vice-Chairperson of the Board of Governors. It was agreed that they would hold their respective offices until the end of the Eleventh Annual Meeting of the Board of Governors in 2026.
The Board of Governors decided that Russia host the Eleventh Annual Meeting of the New Development Bank in 2026.
H.E. Mr. Anton Siluanov, the Minister of Finance of the Russian Federation and the NDB Governor for Russia; H.E. Mrs. Nirmala Sitharaman, the Minister of Finance of the Republic of India and the NDB Governor for India; H.E. Mr. LAN Fo’an, the Minister of Finance of the People’s Republic of China and the NDB Governor for China; Dr. David Masondo, Deputy Minister of Finance of the Republic of South Africa and the NDB Alternate Governor for South Africa; Mr. Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division, Ministry of Finance of the People’s Republic of Bangladesh and the NDB Alternate Governor for Bangladesh; Mr. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs and the NDB Governor for the United Arab Emirates; Mr. Atter Hannoura, Director of the PPP Central Unit, Ministry of Finance of the Arab Republic of Egypt and the NDB Temporary Alternate Governor for Egypt, participated in the Meeting.