New Development Bank
The Union Finance Minister attended the 5th Annual Meeting of the Board of Governors of the NDB via video conferencing.
The New Development Bank is a multilateral development bank established by a treaty signed in 2014 (came into force in 2015). It was previously known as BRICS Development Bank. It is headquartered in Shanghai in China. Its first regional centre was opened in Johannesburg in South Africa.
The main organs of the NDB are- Board of Governors, Board of Directors, President and 4 Vice Presidents. The President is elected from one of the founding nations. The Vice Presidents are from each of the other 4 nations.
The BRICS nations (Brazil, Russia, India, China and South Africa) are the founding nations of NDB. The shares of the BRICS nations cannot be less than 55% of voting power. All nations that are members of the UN can become members of the NDB.
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