NDB Board of Directors held 30th Meeting
The Board of Directors (Board) of the New Development Bank (NDB) held its 30th Meeting in a virtual format on March 29, 2021.
The Board approved a loan of USD 153 million to the State of Pará, Federative Republic of Brazil. The Pará II – Transport Infrastructure for Regional Development Project will support the development of the state’s road infrastructure through upgrading approximately 475 km of existing unpaved roads in five regions. The Project will contribute to the reduction of travel time and logistics cost, and to interconnecting the municipalities that are currently isolated, thereby promoting these municipalities’ economic integration and sustainable development.
The Board approved the revised sovereign lending rates in USD and EUR, applicable to all sovereign loans and loans with sovereign guarantee which are approved by the Board on or after July 1, 2021. The Board also approved the Guiding Principles for Using Country Systems.
The Board provided guidance for the 2021 project pipeline, the General Strategy 2022-2026, the Integrated Digital Platform and membership expansion.
On the same day, the 18th Audit, Risk and Compliance Committee Meeting and the 14th Budget, Human Resources and Compensation Committee Meeting of the Board of Directors took place virtually.
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. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. The NDB received AA+ long-term issuer credit ratings from S&P and Fitch and AAA foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR) and Analytical Credit Rating Agency (ACRA).