The first regional center of the New Development Bank, set up by India and other BRICS nations, was officially opened by South African President Jacob Zuma and the bank’s Indian head K V Kamath in Johannesburg, South Africa.
NDB has an authorized capital of the bank is USD 100 billion. In 2018 it is expected to present about 15 to 20 projects involving a total lending of about USD 4 billion for the boards consideration.
Important Takeaways from Above News-
- Headquarter of NDB is in Shanghai, China.
- President of NDB is K.V. Kamath.
Source- Business Standard