On the 28th May 2018, the New development Bank (formerly referred to as the BRICS Development Bank) held its 3rd Annual Meeting of the board of Governors. At the meeting South African finance Minister, Nhlanhla Nene, was elected as the Chairman of the Board of Governors. Minister Nene will serve in this post until the end of the next Board of Governors meeting which will be held in South Africa in 2019.
The mandate of the New Development Bank is to mobilise resources for BRICS, emerging economies and developing countries infrastructure and sustainable development projects. This is to complement the efforts of multilateral and regional financial institutions for global growth and development.
The BoG also approved six projects from all the BRICS countries of the NDB with loans aggregating $1.6 billion.
That was highlighted that in 2018 the Bank has significantly strengthened its project portfolio, and the total amount of approvals in 2018 has reached $1.7 billion.
Additional reporting: Business Tech