The President of the New Development Bank Mr. K.V.Kamath and the Minister of International Relations and Cooperation of the Republic of South Africa Ms. Maite Nkoana-Mashabane had a meeting today at the NDB Transitional Office in Shanghai, China.
Mr. K.V.Kamath and Ms. Maite Nkoana-Mashabane discussed the progress achieved by the NDB during the first year of work and the establishment of the Bank's Africa Regional Center in Johannesburg.
The Fortaleza Declaration adopted at Sixth BRICS Summit held in Fortaleza, on 15 July 2014, provides that the NDB Africa Regional Centre shall be established in South Africa.
The Africa Regional Center of the NDB will become the face of Bank for the continent and is expected to play a pivotal role in Bank's operation in Africa.
The New Development Bank was created with a vision to support and foster infrastructure and sustainable development initiatives in emerging economies. The Bank will complement the efforts of other existing financial institutions to realize the common goal of global growth. The founding members of the NDB - Brazil, Russia, India, China and South Africa (BRICS) - have paid in capital of USD 1.5 billion thus far as capital contributions. With the signing of the Headquarters Agreement with the Government of the People's Republic of China and Memorandum of Understanding with Shanghai Municipal People's Government in February 2016, the Bank became fully operational.