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Union Minister of Finance Corporate Affairs and Indias Governor inNew Development Bank (NDB), Smt. Nirmala Sitharaman attended the 6thAnnual Meeting of Board of Governors of New Development Bank through video-conference in New Delhi today.The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia and South Africa. Due to the current pandemic, this Annual Meeting of NDB was organized in virtual mode.This years Annual Meeting theme was New Development Paradigms: Th
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FAQ :
The meeting was attended by India's Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, along with Governors/Alternate Governors from Brazil, China, Russia, and South Africa.
The theme for this year's Annual Meeting was 'New Development Paradigms: The Evolution of Infrastructure'.
The NDB has played a role in countercyclical lending through a $10 billion Emergency Assistance Programme to help member countries combat the COVID pandemic.
She stressed the need for the NDB to maintain high ratings through adequate capitalisation, good governance, and prudent management. She also encouraged exploring private sector participation, innovative financing, co-financing with other MDBs, and developing a pipeline of bankable projects.
India is setting up a new Development Financial Institution (DFI) with an initial paid-up capital of around $3 billion and a lending target of $69 billion over the next three years.
The NDB was set up by the BRICS countries in 2014 and became operational in 2015, with its Headquarters located in Shanghai, China.
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