At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China and South Africa considered the possibility of setting up a new Development Bank to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. They directed Finance Ministers to examine the feasibility and viability of this initiative, to set up a joint working group for further study, and to report back by the next Summit in 2013.
Following the report from the Finance Ministers at the fifth BRICS summit in Durban (2013), the leaders agreed on the feasibility of establishing the New Development Bank and made the decision to do so. It was also agreed that the initial contribution to the Bank should be substantial and sufficient for it to be effective in financing infrastructure.
During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank (NDB).
In the Fortaleza Declaration, the leaders stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development, thus contributing to collective commitments for achieving the goal of strong, sustainable and balanced growth among BRICS countries.
“The Bank shall have an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be US$ 50 billion, equally shared among founding members. The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. The first President of the Bank shall be from India. The headquarters of the Bank shall be located in Shanghai. The New Development Bank Africa Regional Center shall be established in South Africa concurrently with the headquarters.” (Fortaleza Declaration)
At the signing of the Headquarters Agreement with the government of the People’s Republic of China and the Memorandum of Understanding with the Shanghai Municipal People’s Government on 27 February 2016, the NDB became fully operational.
The NDB is building a robust and diversified portfolio of sustainable infrastructure projects, in order to fulfill its mandate and achieve strategic objectives. The New Development Bank finances projects and innovates tailored solutions to help build a more inclusive, resilient, and sustainable future for the planet. At New Development Bank (NDB), the focus is placed on prioritizing infrastructure and sustainable development initiatives that are pivotal in driving economic expansion and enhancing the quality of life for citizens within its member nations. The bank’s endeavors are consistently directed towards fostering a sustainable future.
In accordance with the developmental goals of its member nations and their respective pledges within the framework of the Sustainable Development Goals (SDGs) and the Paris Agreement, the New Development Bank (NDB) focuses its efforts on initiatives that yield significant impact. These initiatives are characterized by their climate-smart approach, resilience to disasters, integration of advanced technologies, and inclusivity, ensuring that social considerations are at the forefront of its operations.
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