Report of President K. V. Kamath on the Status of the New Development Bank
Excellencies, I am honored to report to you on the progress made by the New Development Bank since it began operations in July 2015.
I Key achievements
A Lending. In 2016, the NDB approved seven projects for USD 1.5 billion. This year, we propose to approve ten loans for USD 2.6 billion, including loans of USD 1.7 billion to Russia, India, and China that have already been approved.
B Capital. NDB has thus far received USD 2.6 billion in capital, including advance payments of the third installment by China and Russia.
C Africa Regional Center. The Bank’s Africa Regional Center in Johannesburg was opened on August 17, 2017. The ARC will progressively support a growing range of our work.
D Partnerships. The Bank has entered into formal cooperation agreements with many global, regional, and national institutions. These partnerships will enhance Bank’s learning and promote South–South cooperation.
E Strategy. The Bank’s Strategy, targeting a total lending of about USD
32 billion by 2021 including local currency financing, was approved in July
II The year ahead
Some of the expected highlights of our operations in 2018 are:
A In January, we expect to receive a further USD 900 million in capital, taking our total paid-in capital to USD 3.5 billion.
B We aim to lend about USD 4.0 billion for 15 to 20 projects. We plan to begin our private sector operations and investments in PPP projects.
C We will formally begin the process of obtaining our international credit rating.
D We plan to raise about USD 2 to 2.5 billion through local currency and hard currency bond issues.
E We will continue to be guided by the Board of Governors on admission of new members, based on the terms that were approved in April this year.
F NDB’s activities are geared to strongly supporting its members’ commitments under COP21 and UN’s 2030 Sustainable Development Goals.
III NDB’s future operating environment
Technological change will continue to transform the economic landscape and open new opportunities for citizens, especially those who currently have limited access to energy, transportation, and communications infrastructure. The Bank is geared to fund conventional infrastructure as well as to support transformative technological developments as they happen. We will work at speed, scale, and make a positive difference, quickly and effectively.
Excellencies, the NDB will aim to be a dependable partner in our members’ developmental journey even as it is anchored by the vision set forth by our members.