NDB Board of Governors held its 6th Annual Meeting online

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• India - English

SHANGHAI, March 31, 2021 /PRNewswire/ -- On March 30, 2021, the Board of Governors (the Board) of the New Development Bank (NDB) held its Sixth Annual Meeting.

The theme of the 6^th Board of Governors Annual Meeting was New Development Paradigms: The Evolution of Infrastructure. In the context of the COVID-19 pandemic and the unprecedented global environment, the Board Governors meeting took place virtually. It served as an important moment to not only celebrate the success story of NDB but also to reflect on new paradigms for development and the New Development Bank's role therein. The Board of Governors welcomed the crucial role played by NDB in the past year and in particular in the implementation of the Emergency Assistance Fund. In total, the NDB Board of Directors so far has approved eight COVID-19 related emergency assistance programs with a total amount of around USD 8 billion.

Addressing the economic consequences of the COVID-19 pandemic, the New Development Bank is effectively supporting economic recovery in its member countries, said Mr. Anton Siluanov, Minister of Finance of the Russian Federation, Chairperson of the NDB Board of Governors.

"Further transformation of the NDB into a full-fledged practical platform for expanding economic cooperation between the BRICS economies should become one of the Bank's key goals for the next five years," said Mr. Anton Siluanov.

During the Meeting, Mr. Marcos Troyjo, NDB President, delivered a presentation to the Board on the Bank's progress and further development.

"Our duty is to maximize the development impact," said Mr. Marcos Troyjo. "As the world battles COVID, both long-standing and unprecedented development needs abound." "For the NDB, cooperation is both a value and a method – and improving peoples' lives, our highest priority."

An update on the formal negotiations with potential new members was delivered to the Board of Governors. It was highlighted that the expansion of the Bank's membership will continue to be a priority for the NDB. The Board welcomed the progress made in negotiations with potential new members and encouraged Management to continue pursuing the expansion of membership in a gradual and balanced way.

The Board of Governors was briefed on the process of preparing the Bank's second General Strategy for the period of 2022-2026. It was noted that going forward, NDB will continue to support their member countries in achieving their sustainable development priorities and climate-related goals.

The Governors welcomed NDB's new focus areas of social and digital infrastructure and encouraged the Bank to enhance its capacity to mobilize private sector resources and engage in co-financing with peer institutions. The Board also discussed the setting up of an Integrated BRICS Digital Platform and approved the Annual Financial Accounts of the Bank for 2020.

In accordance with the Rules of Procedures of Board of Governors of the New Development Bank, Mrs. Nirmala Sitharaman, Minister of Finance of the Republic of India, was elected as the Chairperson of the Board of Governors. Mr. Kun Liu, Minister of Finance of the People's Republic of China, was elected as the Vice-Chairperson of the Board of Governors. Mrs. Nirmala Sitharaman and Mr. Kun Liu will serve in these positions until the end of the next Annual Meeting of the Board of Governors.

The Board of Governors decided that the next Annual Meeting of the Board will be hosted by India in 2022.

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

SOURCE New Development Bank