The 5th Annual Meeting of Board of Governors of New Development Bank was held through video-conference. Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman represented India in the Annual Meeting of Board of Governors of New Development Bank.
During the meeting, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman lauded the efforts made by New Development Bank in establishing itself as a credible Global Financial Institution, living up to its mandate successfully by taking more sustainable and inclusive measures. She also commended the efforts taken by NDB as a response to combat the COVID-19 pandemic such as financial assistance of about $5 billion to the BRICS countries and the Emergency Assistance of $1 billion India to fight with the COVID-19 outbreak.
The New Development Bank was formed in 2014 by the BRICS countries i.e. Brazil, Russia, India, China and South Africa, to mobilise resources for infrastructure and sustainable development projects in BRICS as well as other emerging market economies and developing countries.
Important takeaways for all competitive exams:
- President of New Development Bank: K V Kamath.