New development bank
A New Development Bank (NDB) is a multilateral development bank that was established in 2015 by the BRICS countries (Brazil, Russia, India, China, and South Africa) to promote economic growth and development in the member countries.
The NDB was established to address the need for a new development bank that could provide financing for infrastructure and sustainable development projects in the BRICS countries. The bank is headquartered in Shanghai, China, and has a capital base of $100 billion.
The NDB has several key objectives, including:
- To promote economic growth and development in the BRICS countries through the provision of financing for infrastructure and sustainable development projects.
- To support the implementation of the Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.
- To promote regional cooperation and integration among the BRICS countries.
- To provide financing for projects that support the development of the BRICS countries' economies, including infrastructure, energy, transportation, and social sectors.
The NDB has several key features, including:
- A capital base of $100 billion, which is divided equally among the five founding members.
- A lending capacity of up to $10 billion per year.
- A focus on financing infrastructure and sustainable development projects, including renewable energy, transportation, and social infrastructure.
- A commitment to transparency and accountability, including the publication of annual reports and audited financial statements.
The NDB has already approved several projects, including:
- A $1 billion loan to the Indian government to finance the development of a new airport in the city of Nagpur.
- A $500 million loan to the Brazilian government to finance the development of a new highway in the state of São Paulo.
- A $500 million loan to the Russian government to finance the development of a new high-speed rail line in the city of Moscow.
Overall, the New Development Bank is an important institution that is working to promote economic growth and development in the BRICS countries, while also supporting the implementation of the SDGs and the Paris Agreement on climate change.