India attends New Development Bank Governors meet

On May 27, 2020, Finance Minister Nirmala Sitaraman attended the Special Board of Governors meet of New Development bank through video conference.

Highlights

• The leaders that attended the meet elected the president, vice president of new development bank. 
• The bank has so far approved 16.6 billion USD to over 55 projects in its member countries.
• Mr Marcos Troyjo of Brazil was elected as the president at the meet.

New Development Bank

• New Development Bank was founded in 2014. 
• The headquarters of the bank is located in Shanghai, China. 
• It aims to foster development of its member countries, support economic growth, promote competitiveness and build knowledge sharing platform. 
• The bank was formed by the BRICS nations.

5^th Annual Meet and COVID-19

• The 5^th annual meet of board of governors of the New Development Bank was held in April 2020. 
• During the meet, the bank allocated 5 billion USD to BRICS countries and 1 billion USD of emergency funds to India.