New Development Bank’s financial assistance of 1 billion USD to India

On April 20, 2020, Finance Minister Smt Nirmala Sitaraman attended the fifth annual meeting of the Board of Governors of the National Development Bank through a video conference.

Outcomes

The New Development Bank of the BRICS grouping is to provide a financial assistance of 1 billion USD of COVID-19 funds to India. India has pitched for 10 billion USD from the bank.

About NDB

The bank was established in 2014 by BRICS member countries Russia, Brazil, India, South Africa and China. It mobilizes resources of infrastructure and sustainable development projects. It works to complement efforts of regional and multilateral financial institutions to enhance global growth and development. It supports both public and private projects. The initial authorized capital of the bank was 100 billion USD.

Till date, the New Development Bank has approved 14 Indian projects of 4,183 million USD. The bank has so far signed strategic cooperation agreements with World Bank, Asian Development Bank and Asian Infrastructure Investment Bank.

Month: Current Affairs - April, 2020