Board of Governors of New Development Bank (NDB) has officially admitted Colombia and Uzbekistan as borrowing members of NDB. The Board of Governors of the NDB was convened recently in Rio De Janeiro for its 10th Annual Meeting.
Other announcements
- Roman Serov was appointed as new Vice-President of NDB from 2025 to 2030.
- Russia’s Finance Minister Anton Siluanov was elected as the next chairperson of the Board of Governors.
- India’s Finance Minister Nirmala Sitharaman was elected as the next vice-chairperson of the Board of Governors.
About NDB
- Genesis: Established in 2015 as a Multilateral Development Bank by BRICS countries.
- Purpose: Mobilising resources for infrastructure and sustainable development projects in Emerging Markets Economies and Developing Countries (EMDCs).
- It seeks to provide an alternative to existing international financial institutions, focusing on projects that promote economic growth and cooperation among its member states.
- Headquarter: Shanghai, China.
- Members: Brazil, Russia, India, China, South Africa, Bangladesh, UAE, Egypt, Algeria.
- Uruguay is a prospective member.
- Board of Directors: It is responsible for the general operations of NDB. It is the highest decision-making authority. It consists of one Governor at the ministerial level and one alternate appointed by each member country.