On May 15, 2026, the Board of Governors (BoG) of the New Development Bank (NDB) convened the Business Session of its Eleventh Annual Meeting in Moscow, Russia. The theme of the 11th Annual Meeting is “Development Financing in an Era of Technological Revolution”.
The meeting was chaired by H.E. Mr. Anton Siluanov, Minister of Finance of the Russian Federation and the NDB Governor for Russia.
The BoG welcomed the significant developments achieved over the past year by the Bank.
The BoG approved the Annual Financial Accounts of the Ordinary Operations of NDB for 2025 and the Annual Financial Accounts of the Project Preparation Fund of NDB for 2025.
The BoG also provided guidance for membership expansion, formulating the General Strategy for 2027-2031 and other areas of strategic importance.
The BoG elected H.E. Mrs. Nirmala Sitharaman, Minister of Finance of the Republic of India as the next Chairperson of the Board of Governors and H.E. Mr. LAN Fo’an, Minister of Finance of the People’s Republic of China, 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 Twelfth Annual Meeting of the Board of Governors in 2027.
The Board of Governors decided that India will host the Twelfth Annual Meeting of the New Development Bank in 2027.
Background Information
New Development Bank
NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
For more information on NDB, please visit www.ndb.int