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New Development Bank

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.

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