New Development Bank
New Development Bank (NDB) is a multilateral development bank established by BRICS countries which have a combined share of 24% of global GDP* and 16% share in world trade*. The idea of setting up NDB was first conceived in 2012 during BRICS Summit in New Delhi, India.
The Agreement for establishing NDB was signed during the BRICS Summit held in Fortaleza on July 15, 2014 and the Bank started operations on July 21, 2015.
NDB aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing countries to complement the existing efforts of multilateral and regional financial institutions for global growth and development.
The Bank is headquartered in Shanghai, China with regional offices in South Africa and Brazil.
Mr. K.V. Kamath from India was the first President of the NDB (2015-2020). Mr. Marcos Prado Troyjo from Brazil is the current President of NDB.
NDB, a flagship initiative of BRICS countries, enjoys ‘AA+’ credit ratings from S&P and Fitch and ‘AAA’ credit rating from Japan Credit Rating Agency (JCR) and Analytical Credit Rating Agency (ACRA).
The NDB under its Emergency Assistance Facility provides loans to the member countries to finance direct expenses related to the fight against the COVID-19 outbreak or provide support to governmental measures contributing to economic recovery.
NDB has so far approved 70 infrastructure and sustainable development projects worth USD 25.07 billion (including loans under NDB Emergency Assistance Facility) across all the member countries in the past five years. This includes 18 projects of India worth USD 6.9 billion. NDB funds projects in areas such as sustainable infrastructure, clean energy, social safety, public health, education, water, sanitation and flood protection, renewable and green energy, transport, infrastructure, irrigation, agriculture, smart cities etc.
* Based on World Bank data (2019)