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New Development Bank

Focus: GS II- International Relations

Why in news?

Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB), Smt. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video-conference in New Delhi

Highlights:

  • The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).
  • This year’s theme for the Annual Meeting was “NDB: Optimising Development Impact”, which is particularly important and relevant in the current global economic scenario.
  • The Finance Minister underscored the importance of multilateralism and the spirit of global cooperation for economic recovery. 

About New development bank:

  • It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
  • It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
  • It is headquartered at Shanghai, China.
  • In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.

Objectives:

  • Fostering development of member countries.
  • Supporting economic growth.
  • Promoting competitiveness and facilitating job creation.
  • Building a knowledge sharing platform among developing countries.
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October 2022
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