View Categories

New Development Bank (NDB): Growth, Cooperation, & Sustainable Development Among BRICS Nations

2 min read

New Development Bank (NDB): Growth, Cooperation, & Sustainable Development Among BRICS Nations

New Development Bank (NDB) Formation and Structure #

  • New Development Bank (NDB) is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
  • The New Development Bank was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
  • It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
  • The bank is set up to foster greater financial and development cooperation among the five emerging markets.
  • In the Fortaleza Declaration, the leaders stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development.
  • The bank will be headquartered in Shanghai, China.
  • Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.
  • V. Kamath, from India, is the first elected president of the NDB. He was replaced as president by Marcos Prado Troyjo From Brazil on 7 July 2020. Marcos Troyjo was elected president of the New Development Bank on 27 May 2020

Objectives of New Development Bank (NDB) #

  • Fostering development of member countries.
  • Supporting economic growth.
  • Promoting competitiveness and facilitating job creation.
  • Building a knowledge sharing platform among developing countries.

Values and Vision of New Development Bank (NDB) #

  • The New Development Bank is a partner in development that goes beyond the conventional codes of multilateral banks. It represents, operates and is recognized for its values that fulfill the founding vision.

New Development Bank (NDB) Membership: #

  • The Agreement on the New Development Bank entered into force in July 2015, with the official declaration of all five states that have signed it. The five founding members of the Bank include Brazil, Russia, India, China and South Africa.
  • The Bank’s Articles of Agreement specify that all members of the United Nations could be members of the bank, however the share of the BRICS nations can never be less than 55% of voting power.
  • Expanding the NDB’s membership is considered by some experts to be crucial to its long-term development by helping boost the bank’s business growth.
  • According to the Bank’s General Strategy: 2017–2021, the NDB plans to expand membership gradually so as not to overly strain its operational and decision-making capacity.

5th Annual Meeting of Board of Governors of New Development Bank #

  • India asked the New Development Bank (NDB) to enhance the emergency facility to $10 billion to deal with the challenges posed by the outbreak of COVID-19 pandemic.
  • The country appreciated the efforts of the multilateral lending agency on fast tracking of financial assistance of about $5 billion to BRICS countries, including an emergency assistance of $1 billion to India to combat COVID-19 pandemic.
  • Lauding efforts of the NDB in establishing itself as a credible Global Financial Institution, India said it should take appropriate actions to join G-20 forum along with other Multilateral Development Bank (MDBs)/ International Financial Institutions (IFIs).

Measures taken by India to respond to COVID-19 crisis #

  • Creating a COVID-19 Emergency Fund
  • Allocation of $2 billion (Rs 15,000 crore) by the government for strengthening the healthcare system.
  • Announcement of a scheme of social support measures amounting to $25 billion (Rs 1.70 lakh crore) to alleviate the hardship of the poor and the vulnerable.
  • Insurance cover of $67,000 (Rs 50 lakh) per person to over 2.2 million frontline health workers and other provision of relief to firms in statutory and regulatory compliance matters.
  • Easing of monetary policy by the Reserve Bank of India.
  • Supplying critical medicine to the needy countries to tackle the COVID-19.

New Development Bank (NDB) Approved Projects in India #

Renewable Energy:

Canara Bank Renewable Energy Financing Scheme

Madhya Pradesh Major District Roads Project

Sustainable Development:

Madhya Pradesh Multi Village Water Supply Project

Irrigation, agriculture:

Rajasthan Water Sector Restructuring Project

Transportation:

Bihar Rural Roads Project

Madhya Pradesh Bridges Project

Madhya Pradesh Major District Roads II Project

Mumbai Metro Rail Project

Assam Bridge Project

Andhra Pradesh Road Sector Project

Know about Physics Wallah

Physics Wallah is an Indian online education platform, that provides accessible & comprehensive learning experiences to students of classes 6 to 12 and those preparing for JEE and NEET exams. We also provide extensive NCERT solutions, sample papers, NEET, JEE Mains, BITSAT previous year papers, which makes us a one-stop solution for all resources. Physics Wallah also caters to over 3.5 million registered students and over 78 lakh+ Youtube subscribers with 4.8 rating on its app.

We Stand Out because

We successfully provide students with intensive courses by India's qualified & experienced faculties. PW strives to make the learning experience comprehensive and accessible for students of all sections of society. We believe in empowering every single student who couldn't dream of a good career in engineering and medical field earlier.

Our Key Focus Areas

Physics Wallah’s main focus is to create accessible learning experiences for students all over India. With courses like Lakshya, Udaan, Arjuna & many others, we have been able to provide a ready solution for lakhs of aspirants. From providing Chemistry, Maths, Physics formulae to giving e-books of eminent authors, PW aims to provide reliable solutions for student prep.

What Makes Us Different

Physics Wallah strives to develop a comprehensive pedagogical structure for students, where they get a state-of-the-art learning experience with study material and resources. Apart from catering students preparing for JEE Mains and NEET, PW also provides study material for each state board like Uttar Pradesh, Bihar, and others.

Aiming for UPSC?

Download Our App

# #
Quick Revise Now !
AVAILABLE FOR DOWNLOAD SOON
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध
Quick Revise Now !
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध

<div class="new-fform">






    </div>

    Subscribe our Newsletter
    Sign up now for our exclusive newsletter and be the first to know about our latest Initiatives, Quality Content, and much more.
    *Promise! We won't spam you.
    Yes! I want to Subscribe.