History

Timeline showing NDB creation milestones


The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. The creation of a new development bank was the main theme of the meeting. BRICS leaders agreed to set up a Development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013.

On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank. In a separate agreement, a reserve currency pool worth $100 billion was set up by BRICS nations.

On 11 May 2015, K. V. Kamath was appointed as the President of the bank.

The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank.

On 27 February 2016, the NDB signed Headquarters Agreement with the Government of the P.R.C. and the Memorandum of Understanding with Shanghai Municipal People's Government concerning the arrangements in relation to Headquarters of the bank in Shanghai.

According to the bank, most of the NDB policies and procedures for all functional areas were approved at the Board of Directors meeting in January 2016.

On 19 July 2016, the NDB reported that it successfully issued the bank's first green financial bond with issue size of RMB 3 billion, tenor of 5 years in the China interbank bond market.

On 20 July 2016, the first annual meeting of the NDB Board of Governors was held in Shanghai. The participants of the meeting discussed Bank's future work and development and gave a positive assessment to the bank's work. At the meeting, the first green financial bond issuance in Renminbi was highlighted as a milestone event for the NDB.

In 2016, the NDB Board of Directors approved the first set of projects in all members of the bank.

On 21 December 2016, the NDB signed its first loan agreement.

The NDB received AA+ credit ratings from S&P Global Ratings (S&P) and Fitch Ratings (Fitch) in August 2018, which enables the bank to offer full suite of financial products to its public and private sector clients.

As of March 2019, The bank announced to issue loans of up to $40 billion by 2022 in South Africa.

Comments

Post a Comment

Popular posts from this blog

Relations With Other Institutions

Image
Approach edit The Articles of Agreement of the bank say that the NDB was established to complement the existing efforts of multilateral and regional financial institutions for global growth and development. Moreover, the NDB is authorized by its founders to cooperate within its mandate with other international organizations, as well as national entities (public or private), in particular with international financial institutions and national development banks. The NDB President K.V.Kamath stresses that the bank regards other international financial institutions, including IMF and World Bank as partners, not rivals. Asian Development Bank edit In July 2016, the NDB signed with Asian Development Bank (ADB) a memorandum of understanding on strategic cooperation. The two institutions expressed willingness to work together through co-financing and knowledge exchanges in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainab
Read more

17)Zero Motorcycle Stunts, no Primary Guest: Several First Time Misses at Republic Day 2021

India Republic Day -- This year's grand march will not be the same as it is the first time that it will be held among the ongoing coronavirus pandemic, which has claimed many lives country wide. India is celebrating it is 72nd Republic Day on Tuesday, but this year's grand parade will not be similar to it is for the first time that it will possibly be held amid the ongoing coronavirus pandemic, which has claimed many lives across the country. Burj Khalifa Lights up With Tricolour to Celebrate India's 72nd Republic Moment After more than 5 decades, often the country's 72nd R-Day march will have no chief guests. British Prime Minister Boris Johnson was due to maintain New Delhi as the primary guest at the annual march to mark the Republic Day but he had for you to call off the visit to concentrate on the domestic crisis free by the emergence of a new, deadlier variant of coronavir us in the UK at the end of last year. Aside from, gravity-defying stunts by motorcycle-bor
Read more

Logo and Identity

Image
The logo of the New Development Bank borrows from the mathematical concept of a Mobius strip that symbolizes the idea of continuous transformation. Its nature is not to disrupt but drive change in the existing system from within. The logo consists of a triangle in motion at one end signifying balanced evolution. The other end, moving in the opposite direction, is a propeller that represents speed and dynamism. These two entities are held together by a wireframe, the skeletal basic of infrastructure. The logo is rendered in gradient of green that symbolizes sustainability. This constant motion symbolizes the values that the bank strives to live by – agility, innovation and continuous transformation.
Read more