NDB Board of Directors Approved Revision of Policies during 9th meeting in New Delhi
The Board of Directors (BoD) of the New Development Bank has met today in New Delhi and approved the revision of policies pertaining to operations, treasury, governance, HR and risk. The policies of the NDB are required to be reviewed on an annual basis or as necessary, to reflect any changes to business environment or to provide for operational updates.
The Board also considered Financial Accounts that will be submitted to the NDB Board of Governors for approval. The Board received Independent Auditor’s Report and Financial Statements for the period from 3 July 2015 (the effective date of the Agreement on the New Development Bank) to 31 December 2016.
The Board also discussed project pipeline in all members of the Bank.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. The Bank will complement the efforts of other financial institutions and establish a network of global, regional and local partnerships with multilateral and national development banks as well as other institutions and market players. The NDB intends to be fast, flexible and efficient, without sacrificing quality. The Bank will use various financial instruments to efficiently meet the demands of member states and clients.