13th Meeting of NDB Board of Directors held in Shanghai
On March 2, 2018, the 13th meeting of the Board of Directors (BoD) of the New Development Bank was held in Shanghai. The Audit, Budget and Compliance Committee and Budget Human Resources and Compliance Committee of the Board of Directors took place on March 1, 2018.
The Board took note of the Memorandum of Understanding regarding the Hosting of the Third Annual Meeting of the Board of Governors of the New Development Bank in China.
The MoU was signed on the sidelines of the Board meeting by the Director for China and the NDB Vice President and CAO.
The 3rd Annual Meeting of the Board of Governors is scheduled to take place on May 28-29, 2018.
During the meeting, the BoD approved Pará Sustainable Municipalities Project and Maranhão Road Corridor – South-North Integration Project in Brazil with loans aggregating USD 121 mln subject to the completion of the domestic requirements in the Federative Republic of Brazil.
The Audited Financial Statements for the year ended 31 December 2017 and the Unaudited Financial Statements of the Project Preparation Fund were approved by the Board for submission to the Board of Governors. The Board also considered a number of policy-related issues, including the approval of a Performance Management Policy and a Policy on Guarantees as well as revisions to policies pertaining to operations, treasury and administration. The Board was briefed on the project pipeline in the five member countries of the Bank, the budget utilization, audit matters, risk matters, human resource matters and other aspects pertaining to the ongoing work of the NDB.
The 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 economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.