The Board of Directors (BoD) of the New Development Bank has met today in Shanghai and discussed items on its agenda, including the Strategy of the Bank and other important issues. During its first meeting under the chairmanship of Mr. Marcello de Moura Estevão Filho of Brazil, the BoD was briefed on the Bank's work and provided valuable guidance for the management team of the NDB.
The Board was briefed on the ongoing work of the NDB, including the Africa Regional Center, member countries' project pipeline, HR issues and other matters.
The forthcoming NDB Second Annual Meeting in New Delhi and the Third Annual Meeting were also discussed. On the sidelines of the meeting, Memorandum of Understanding between the Government of the Republic of India and the New Development Bank Regarding the Hosting of the Second Annual Meeting of the Board of Governors of the New Development Bank in India was signed.
With the objective of promoting transparency, accountability and probity, the Board approved the Minutes of the 7th Meeting of the NDB BoD held in Shanghai on 22 November 2016.
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. The Bank will complement the efforts of other financial institutions and establish a network of global, regional and local partnerships with multilateral and national development banks as well as other institutions and market players. The NDB intends to be fast, flexible and efficient, without sacrificing quality. The Bank will use various financial instruments to efficiently meet the demands of member states and clients.