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  • DAILY CURRENT AFFAIRS:Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of New Development Bank

Nirmala Sitharaman chairs the 7th Annual Meeting of Board of Governors of New Development Bank

Tags: Economy/Finance Summits

Being the host country, the Union Finance Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB), Smt. Nirmala Sitharaman chaired the 7th Annual Meeting of Board of Governors of NDB through video-conference in New Delhi  on 19 May 2022.

  • The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).
  • Theme of 2022 annual meeting  “NDB: Optimising Development Impact”

BRICS New Development Bank

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

It was set up to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries.

The authorized capital of the bank is $100 billion 

Formed in: July 2014. It became operational on 27 February 2016.

Headquarters: Shanghai, China

President: Marcos Prado Troyjo of Brazil 

Members: Egypt, Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates and Uruguay


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