New Development Bank (NDB): In this post, we will discuss about the New Development Bank (NDB). When was NDB/BRICS Bank established, the purpose of NDB and various other facts related to NDB.
New Development Bank / BRICS Bank
New Development Bank was established by the BRICS nations of Brazil, Russia, India, China and South Africa with an aim to mobilize resources for infrastructure and sustainable development projects in BRICS economies.
It is also known as BRICS Bank.
Objectives of New Development Bank
The main objectives of NDB operations are:
- Fostering development of member countries
- Supporting economic growth
- Promoting competitiveness and facilitating job creation
- Building a knowledge sharing platform among developing countries
Facts about NDB
Initial authorized capital of US$ 100 billion
Formed: July 2014 (Treaty signed); July 2015 (Treaty in force)
Headquarters of New Development Bank: Shanghai, China
President of New Development Bank: Marcos Prado Troyjo