New Development Bank:
During BRICS (Brazil, Russia, India, China and South Africa) meet, India proposed that NDB’s (New Development Bank) scope be expanded to strengthen Social Infrastructure besides promoting industry.
- Social Infrastructure includes the construction and maintenance of facilities that support social services such as healthcare, education, and housing.
- India is the chair of the BRICS grouping for 2021.
- It is a multilateral development bank jointly founded by the BRICS countries at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
- It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
- It is headquartered at Shanghai, China.
- In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.
Objectives Of NDB:
- Fostering development of member countries.
- Supporting economic growth.
- Promoting competitiveness and facilitating job creation.
- Building a knowledge sharing platform among developing countries.
- To fulfill its purpose, the Bank supports public or private projects through loans, guarantees, equity participation and other financial instruments.
