New Development Bank has approved infrastructure projects worth 741 million dollars in India.
- Posted By
12th Oct, 2020
- It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
- It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
- The bank is set up to foster greater financial and development cooperation among the five emerging markets.
- Headquartered in Shanghai, China.
- In 2018, the NDB received observer status in the United Nations General Assembly.
- Voting: Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power
- Roles and functions: The Bank will mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development.