The BRICS-backed New Development Bank (NDB) has invested in seven projects totaling $1.5 billion in about two years of its operation. NDB began operations in July 2015. Seven projects have been done so far which aggregate around $1.5 billion. Six of them are in the renewable energy sector and one in transport financing.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. The Bank seeks to complement the efforts of other multilateral development institutions. And, it also seeks to establish a network of global, regional and local partnerships with multilateral and national development banks as well as other institutions and market players.
Takeaways from above News-
- NDB has an initial authorized capital of US$ 100 billion.
- Mr. K.V. Kamath (India) is President of NDB.
- The headquarter of NDB is in Shanghai, China.
- The New Development Bank (NDB) floated by the BRICS nations.
- The BRICS nations – Brazil, Russia, India, China and South Africa.
If you have any other takeaways, do share with us in the comment section
Source- The Hindu Business Line