On 26 April 2017, Mr. Michel Temer, the President of the Federative Republic of Brazil and Mr. K.V.Kamath, the President of the New Development Bank met in Brasília. The meeting took place during the first official visit of the NDB President to Brazil.
During the meeting, Mr. K.V.Kamath highlighted that the NDB is interested in financing urban development projects in Brazilian municipalities as well as other infrastructure and sustainable development projects in the country.
The Bank is seeking to develop partnerships with other regional development institutions, such as Corporación Andina de Fomento (Development Bank of Latin America, CAF) and Fondo Financiero para el Desarrollo de la Cuenca del Plata (Financial Fund for the Development of the River Plate Basin, Fonplata) to identify opportunities for action in South America, said Mr. K.V.Kamath.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in Brazil, Russia, India, China and South Africa and other emerging economies and developing countries. In 2016, the Board of Directors (BoD) of the Bank approved seven investment projects in the areas of green and renewable energy and transportation for a total of over US$ 1.5 billion.