Key milestones of the New development Bank (NBD)

The BRICS multilateral development bank was founded by members of the coalition [Brazil, Russia, India, China and South Africa],in July 2015.  The bank’s main focus since establishment has been on infrastructure and sustainable development projects in member states, as well as in other emerging and developing countries, to promote growth and seek solutions for sustainable development.

Since establishment the NDB has continued to show growth, despite wide criticism from the media – many publications have prophecies on the failure of the bank. 

 

Year Key milestones
2016
  • The headquarters agreement was signed with the government of the People’s Republic of China
  • The NDB received AAA rating from two Chinese rating agencies
  • The Board of directors approved the project in Russia, to the amount of USD 100 million  
  • NDB issued its first green bond in the Chinese interbank bond market
  • The Board of Directors approved the first batch of loans to projects in Brazil, India, China and South Africa at a combined value of USD 811 million
  • The Board of Directors authorised NDB to raise resources up to an aggregate amount of RMB 10 billion
2017
  • The Board of Governors approved the establishment of the Project Preparation Fund (PPF)
  • The Board of Governors approved the terms, conditions and procedures for the admission of new members
  • The Board of Governors approved NDB’s 2017-2021 General Strategy
  • NDB held a ground breaking ceremony for its permanent headquarters in Shanghai, China
  • NDB opened its first regional office in Johannesburg, South Africa
2018
  • The NDB financed two Brazilian renewable energy projects
  • NDB received AA+ rating from Fitch and S&P global ratings
  • The bank joined forces with FAO in attempt to reach the 2030
  • It opened its doors to all states, including nonmembers  
  • Signed a memorandum of agreement with the development bank of South Africa

 

 

By: Kgothatso Nkanyane

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