- Theme of Annual Meeting – ‘New Development Paradigms: The Evolution of Infrastructure’.
- Participants – Governors/Alternate Governors of Brazil, China, Russia & South Africa.
Key Points from FM’s Address
- India has supplied 63.9 Million doses of made-in-India COVID-19 vaccine to 80 countries including 10.4 Million doses of the vaccine as a grant.
- India highlighted NDB’s role in countercyclical lending through a USD 10 Billion Emergency Assistance Programme for supporting member countries in their fight against COVID-19.
- Nirmala Sitharaman highlighted India’s initiative to set up a new Development Financial Institution (DFI) with initial paid-up capital of USD 3 Billion, with a lending target of USD 69 Billion in the next three years (2021-23).
- India urged NDB to facilitate private sector participation, explore innovative financing structures & discover co-financing opportunities with other Multilateral Development Banks (MDBs).
- It urged BRICS to improve its ratings by International Rating Agencies through adequate capitalization, Quality Governance and prudent management.
Loan Approval for Russia
- NDB approved a loan of up to USD 1 Billion to support healthcare workers treating patients for COVID-19 in Russia.
New Development Bank
- It was set up in 2014 by BRICS countries (Brazil, Russia, India, China, and South Africa).
- Objective – To mobile resources for infrastructure & sustainable development projects in BRICS & other EMDCs (Emerging Markets and Developing Countries).
- NDB has so far approved 18 Projects of India for an amount of USD 6, 924 Million.
Central Banks of BRICS Countries
- Brazil – Banco Central do Brasil (Central Bank of Brazil) (Headquarters – Brasilia)
- Russia – Central Bank of Russian Federation (Headquarters – Moscow)
- China – People’s Bank of China (Headquarters – Beijing)
- India – Reserve Bank of India (Headquarters – Mumbai)
- South Africa – South African Reserve Bank (Headquarters – Pretoria)
Recent Related News:
i.On December 16, 2020, a loan agreement was inked between Government of India (GoI) and NDB under which the latter will lend $1,000 million ($1 billion) for supporting the former’s economic recovery from COVID-19.
ii.October 1, 2021, NDB approved USD 241 Million for Mumbai Metro Rail Project, and USD 500 Million for Delhi-Ghaziabad-Meerut Regional Rapid Transit System (RRTS) Project.
About New Development Bank (NDB):
President – Marcos Prado Troyjo
Headquarters – Shanghai, China