Union Finance Minister Nirmala Sitharaman attended the Special Board of Governors meeting of the New Development Bank (NDB) through video conferencing in New Delhi. The meeting also witnessed the election of Mr Marcos Troyjo from Brazil as the new President of the Developmental Bank.
About:
The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
Location: The bank is headquartered in Shanghai, China. The first regional office of the NDB is in Johannesburg, South Africa.
History: During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB). The Bank formally came into existence as a legal entity in 2015.
Capital: The initial authorized capital of the bank is $100 billion divided into 1 million shares having a par value of $100,000 each.
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