NDB Board of Directors holds its 23rd meeting, decides to consider emergency funding to China to assist in fighting COVID-19 outbreak
The Board of Directors (BoD) of the New Development Bank (NDB) held its 23rd meeting virtually on February 18, 2020.
At the meeting, the Board was briefed on the Bank’s work arrangements following the outbreak of the novel coronavirus.
The Board commended the Government of China on its actions and measures to fight against the outbreak of novel coronavirus pneumonia. The Board and Management of the Bank affirmed that the NDB stands firmly by China and its people at this important time, including through providing emergency financing.
The Board was updated on potential NDB emergency funding to China to assist in fighting the novel coronavirus pneumonia outbreak – NDB Emergency Assistance Program in Combatting COVID-19. The Board would give consideration to providing an emergency sovereign loan to China to support its prevention and control measures against the new coronavirus. The potential loan amount would depend on the assessment of the actual needs and the final decision by the Chinese Government and the NDB.
The Board of Directors decided that its next meeting will take place on March 24-25, 2020 in Moscow.
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.