NEW DEVELOPMENT BANK

  • Recently, the Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB) chaired the 7th Annual Meeting of Board of Governors of NDB (New Development Bank).
  • The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia, South Africa and the newly joined members Bangladesh and United Arab Emirates (UAE).
  • Theme for the Annual Meeting was “NDB: Optimising Development Impact”.

Highlights of the Meeting

  • The Finance Minister (FM) underscored the importance of multilateralism and the spirit of global cooperation for economic recovery.
  • In this regard FM acknowledged that the NDB has successfully established itself as a reliable development partner for Emerging Market Economies.
  • Highlighting that India is celebrating 75 years of Independence this year, the Union Finance Minister mentioned that India’s economic growth in the current financial year has been robust and is estimated to be 8.9 % which is the highest among all large economies.
  • This reflects India’s strong resilience and speedy recovery.
  • The FM expressed confidence that India will continue to achieve a high growth rate in the current and next financial year. 

New Development Bank

  • It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.
  • It was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.
  • It is headquartered at Shanghai, China.
  • In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.

Objectives:

  1. Fostering the development of member countries.
  2. Supporting economic growth.
  3. Promoting competitiveness and facilitating job creation.
  4. Building a knowledge sharing platform among developing countries.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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