New Development Bank - wikipedia New Development Bank New Development Bank Abbreviation NDB, or NDB BRICS Formation July 2014 ( Treaty signed ) July 2015 ( Treaty in force ) Type International Financial Institution Legal status Treaty Headquarters Shanghai, China Membership Brazil Russia India China South Africa Official language English President K.V. Kamath Website www.ndb.int This article is part of a series on the Politics of the People 's Republic of China Leadership Leadership generations Succession of power Hu -- Wen Administration ( 2002 -- 2012 ) Xi -- Li Administration ( 2012 -- 2017 ) Xi Core Administration ( zh ) ( since 2017 ) 4th Leadership Core : Xi Jinping 19th Central Politburo 13th State Council Current State leaders Current provincial leaders National leaders Orders of precedence Paramount leader : Xi Jinping Communist Party leader : Xi Jinping Head of state : Xi Jinping Head of government : Li Keqiang Congress Chairman : Li Zhanshu Conference Chairman : Wang Yang Commander - in - chief : Xi Jinping Politburo Standing Committee Related systems Democratic centralism Collective leadership Organization Department Elections Civil service Communist Party History Principal leaders Constitution Organization National Party Congress ( 19th ) Central Committee ( 19th ) General Secretary ( list ) Xi Jinping Central Politburo ( 19th ) Standing Committee ( list ) Central Secretariat Top - 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According to the Agreement on the NDB, `` the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments. '' Moreover, the NDB `` shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank. '' The initial authorized capital of the bank is $100 bln divided into 1 mln shares having a par value of $100,000 each. The initial subscribed capital of the NDB is $50 bln divided into paid - in shares ( $10 bln ) and callable shares ( $40 bln ). The initial subscribed capital of the bank was equally distributed among the founding members. The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank. NDB is currently headquartered in BRICS Tower ( former Oriental Financial Centre ) in Shanghai The bank is headquartered in Shanghai, China. The first regional office of the NDB is in Johannesburg, South Africa. Contents 1 History 2 Structure and Objectives 2.1 Corporate Governance 2.2 Development capital 2.3 Objectives 3 Membership 4 Shareholding structure 5 Activities 5.1 Projects 5.2 Bonds 6 Relations With Other Institutions 6.1 Approach 6.2 Asian Development Bank 6.3 Asian Infrastructure Investment Bank 6.4 World Bank 7 Reception 7.1 Prominent Scholars 7.2 Officials 7.3 Bankers 8 Logo and Identity 9 See also 10 References 11 External links History The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. The creation of a new development bank was the main theme of the meeting. BRICS leaders agreed to set up a Development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013. On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank. In a separate agreement, a reserve currency pool worth $100 bln was set up by BRICS nations. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed. On 11 May 2015, K.V. Kamath was appointed as the President of the bank. The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank. On 27 February 2016, the NDB signed Headquarters Agreement with the Government of the P.R.C. and the Memorandum of Understanding with Shanghai Municipal People 's Government concerning the arrangements in relation to Headquarters of the bank in Shanghai. The documents were signed on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Shanghai. According to the bank, most of the NDB policies and procedures for all functional areas were approved at the Board of Directors meeting in January 2016. In March 2016, the New Development Bank announced that it is planning to recruit 100 staff from BRICS countries by the end of 2016. On 19 July 2016, the NDB reported that it successfully issued the bank 's first green financial bond with issue size of RMB 3 billion, tenor of 5 years in the China interbank bond market. On 20 July 2016, the first annual meeting of the NDB Board of Governors was held in Shanghai. The participants of the meeting discussed Bank 's future work and development and gave a positive assessment to the bank 's work. At the meeting, the first green financial bond issuance in Renminbi was highlighted as a milestone event for the NDB. It was decided that the next annual meeting of the board will be held in India in 2017. NDB Creation Milestones In 2016, the NDB Board of Directors approved seven projects in all members of the bank involving financial assistance of over USD 1.5 bln. On 21 December 2016, the NDB signed its first loan agreement. Structure and objectives Corporate governance According to the Articles of Agreement, the main organs of the bank are : Board of Governors Board of Directors President and Vice-Presidents As of March 2018, the members of NDB Board of Governors are as follows : Henrique de Campos Meirelles, Brazil 's Minister of Finance Anton Siluanov, Russia 's Minister of Finance Arun Jaitley, India 's Minister of Finance, Corporate Affairs and Information & Broadcasting Xiao Jie, China 's Minister of Finance - Chairman of the Board of Governors Malusi Gigaba, South Africa 's Minister of Finance - Vice-Chairman of the Board of Governors The NDB President will be elected on a rotational basis from one of the founding members, and there will be at least one Vice President from each of the other four founding members. K.V. Kamath, from India, is the first elected president of the NDB. The first chair of the Board of Governors is from Russia and the first chair of the Board of Directors is from Brazil. Development capital The bank 's primary focus of lending will be infrastructure and sustained development projects with authorized lending of up to $34 bln annually. The bank will have starting capital of $50 bln, with capital increased to $100 bln over time. Brazil, Russia, India, China and South Africa will initially contribute $10 bln each to bring the total to $50 bln. Each member can not increase its share of capital without all other four members agreeing. This was a primary requirement of India. The bank will allow new members to join but the BRICS capital share can not fall below 55 %. Objectives The bank aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable. Taking this into account, the main objectives of the NDB can be summarized as follows Promote infrastructure and sustainable development projects with a significant development impact in member countries. Establish an extensive network of global partnerships with other multilateral development institutions and national development banks. Build a balanced project portfolio giving a proper respect to their geographic location, financing requirements and other factors. Membership The Agreement on the New Development Bank entered into force in July 2015, with the ratification of all five states that have signed it. The five founding members of the Bank include Brazil, Russia, India, China and South Africa. Bank 's Articles of Agreement specify that all members of the United Nations could be members of the bank, however the share of the BRICS nations can never be less than 55 % of voting power. Expanding the NDB 's membership is considered by some experts to be crucial to its long - term development by helping boost the bank 's business growth. According to the NDB vice-president Zhu Xian, it is very likely that new members will join the bank in 2017 or 2018. He noted that the expansion of membership is unlikely in 2016, as it takes time to go through procedures and discussions with interested countries. Shareholding structure According to Articles of Agreement of the New Development Bank, the initial authorized capital of the bank is divided into 1 mln shares, having a par value of $100,000. The value of one share is also the minimum amount to be subscribed for participation by a single country. Attachment 1 to this document states that each founding member of the bank will initially subscribe 100,000 shares, in a total of $10 bln, of which 20,000 shares correspond to paid - in capital, in a total of $2 bln and 80,000 shares correspond to callable capital, in a total of $8 bln. Equal distribution of shares between the shareholders of the NDB The current distribution of shares between NDB member countries is presented in the following table. Countries by Shareholding at the New Development Bank Country Number of Shares Shareholding ( % of Total ) Voting Rights ( % of Total ) Authorised Capital ( bln USD ) Brazil 100,000 20 20 10 Russia 100,000 20 20 10 India 100,000 20 20 10 China 100,000 20 20 10 South Africa 100,000 20 20 10 Unallocated Shares 500,000 - - 50 Grand Total 1,000,000 100 100 100 Activities Projects The BRICS New Development Bank is planning to give a priority to projects aimed at developing renewable energy sources. As it was stated by the NDB Vice President, the Bank wants to cooperate with other institutions in accelerating ' green ' financing expansion and promoting environment protection. He also pointed out that the NDB is planning to finance one project from each member state with the money raised via its first bond issue. The NDB has expressed interest in funding projects that conform to high environmental standards, including those in the field of infrastructure, such as energy, railways and highways in the future. At the same time, according to K.V. Kamath, the President of the NDB, one of the key strategies of the bank will be financing profitable projects ( bankable ) with return on capital. The NDB wants `` to fund projects that are creative and bring benefits to the local people and environment '', said Vice President Zhu Xian. The leadership of the member countries task the bank with developing a strong pipeline of projects and responding in a fast and flexible manner to aspirations and interests of its members. In 2016, the NDB Board of Directors approved loans for 7 projects in all members of the bank for the total amount of over USD 1.5 bln. On 21 December 2016, the NDB signed its first loan agreement. The loan agreement approving the provision of RMB 525 mln sovereign project loan for the Bank 's first project in China ( Shanghai Lingang Distributed Solar Power Project ) was signed by the Chinese Vice Minister of Finance Shi Yaobin and the NDB President K.V. Kamath. The NDB plans to approve USD 2.5 bln of loans in 2017. On 30 March 2017, the NDB and the Indian government signed a loan agreement approving the provision of USD 350 mln for Madhya Pradesh major district roads upgrade project. Loan agreement for the first Brazilian project was signed on 26 April 2017. The loan with the amount of USD 300 mln aiming at developing the renewable energy sector in Brazil will be provided to BNDES, national development bank. Projects Supported by the NDB in 2016 Country Loan Amount Sov. / Non-sov. Borrower Guarantor End - user / Onlendee Modality Target Sector Impact Brazil USD 300 mln Non-sovereign BNDES - Sub-projects - National financial intermediary - Two step loan Renewable energy ( wind, solar etc. ) - 600 MW renewable energy - Avoided 1 mln t CO2 / year Russia USD 100 mln Non-sovereign EDB / IIB - - Nord Hydro - Bely Porog - Other subprojects - National financial intermediary - Two step loan - Renewable energy ( hydropower ) - Green energy - 49.8 MW renewable energy - Avoided 48 000 t CO2 / year India USD 250 mln Sovereign guaranteed Canara Bank Government of India Sub-projects - Sovereign guaranteed - 3 transactions Renewable energy ( wind, solar etc. ) - 500 MW renewable energy - Avoided 815 000 t CO2 / year India USD 350 mln Sovereign Government of India - Government of Madhya Pradesh Sovereign project finance facility Upgrading Major District Roads - About 1,500 km of MDRs will be upgraded China RMB 525 mln ( USD 81 mln ) Sovereign PRC Government - Shanghai Lingang Hongbo New Energy Development Co. Ltd. Sovereign project loan Renewable energy ( solar roof - top PV ) - 100 MW solar energy - Avoided 73 000 t CO2 / year China RMB 2 bln ( USD 298 min ) Sovereign PRC Government - Fujian Investment and Development Group Project Loan Renewable energy ( wind power ) - 250 MW wind energy - avoided 869 900 t CO2 / year South Africa USD 180 mln Sovereign guaranteed ESKOM Government of RSA ESKOM Sovereign guaranteed project loan Renewable energy ( transmission ) - 670 MW renewable energy evacuated ( transmitted ) - Avoided 1, 3 mln t CO2 / year Source : NDB Handout materials, Press Release of the NDB ( 22 November 2016 ) Projects Supported by the NDB in 2017 Country Loan Amount Sov. / Non-sov. Borrower Guarantor End - user / Onlendee Modality Target Sector Impact India USD 470 mln Sovereign Government of India - Government of Madhya Pradesh Sovereign project loan Water supply and sanitation, rural development - Project covers more than 3400 villages and is expected to benefit over 3 mln rural population China RMB 2 bln ( USD 300 mln ) Sovereign PRC Government - Sub-project PIUs in Changhsha, Zhuzhou and Xiangtan Sovereign project finance facility Water, sanitation and flood control, environment - Improved water quality and food control in the main streams and tributaries of Xiang River China USD 200 mln Sovereign PRC Government - Government of Jiangxi Province Sovereign project finance facility Energy conservation - Savings of more than 95 000 tons of coal equivalent - Annual CO2 emissions reduction of 263 476 t Russia USD 460 mln Sovereign Government of Russia - Beneficiaries : Supreme Court, Moscow City Court and District Courts, Federal Bailiffs Service Sovereign project loan Social infrastructure - Increased judicial transparency and efficiency, and enhanced protection of judicial rights of citizens of the country Source : NDB Handout materials, NDB website Bonds In March 2016, the NDB announced that it will do a bond issue in China to raise funding domestically on the Chinese market. The bond issue is likely to happen in the second quarter of the year 2016, said the NDB Vice President Leslie Maasdorp. He added the bank is starting to finalize the exact size of this bond issue. On 18 July 2016 the NDB successfully issued its first green financial bond with issue size of RMB 3 billion, tenor of 5 years in China onshore interbank bond market. The bond 's nominal interest rate is 3.07 %. The bank became the first international financial institution that issued a green financial bond in the China onshore bond market. The proceeds of the bond will be used for infrastructure and sustainable development projects in the member countries. Relations with other institutions Approach The Articles of Agreement of the bank say that the NDB was established to complement the existing efforts of multilateral and regional financial institutions for global growth and development. Moreover, the NDB is authorized by its founders to cooperate within its mandate with other international organizations, as well as national entities ( public or private ), in particular with international financial institutions and national development banks. The NDB President K.V. Kamath stresses that the bank regards other international financial institutions, including IMF and World Bank as partners, not rivals. Asian Development Bank In July 2016, the NDB signed with Asian Development Bank ( ADB ) a memorandum of understanding on strategic cooperation. The two institutions expressed willingness to work together through co-financing and knowledge exchanges in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment. Asian infrastructure investment Bank Although some analysts hypothesize that Asian Infrastructure Investment Bank ( AIIB ) and the NDB would compete with one another, currently there is no evidence of competition among these institutions. Talking about the relations with AIIB, officials from the NDB 's member - states point out the difference in the member - states of the NDB and AIIB as well as a potential to complement in working together to meet development and infrastructural needs. According to a representative of the Bank 's management, the NDB and AIIB are sister institutions in many respects. These two banks have complementary mandates and different geographic focuses, with the NDB being more focused on BRICS countries. At the same time, there is a certain overlapping between mandates of the NDB and the AIIB, as both of them are aimed at developing infrastructure and pay a special attention to sustainable development. However, due to the fact that current financing and investment patterns are inadequate in meeting investment needs, there is `` space for newcomers '', he said. In February 2016, the president of the NDB dismissed concerns over overlapping of interests of China - backed Asian Infrastructure Investment Bank ( AIIB ) and the NDB. World Bank According to media reports, other multilateral development institutions, including the World Bank Group ( WBG ), have expressed an intention to work together with the NDB. In September 2016, NDB and World Bank Group signed a memorandum of understanding on cooperation and it was announced that the NDB and WBG 's cooperative efforts will focus primarily on infrastructure. Reception Prominent scholars In July 2014, Nobel Prize winning economist Joseph Stiglitz said the NDB marks a `` fundamental change in global economic and political power. '' In his opinion, `` The existing institutions just do n't have enough resources. '' Officials Chinese Premier Li Keqiang called the opening of the NDB an `` important step forward '' in cooperation among BRICS countries. `` This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system, '' Li Keqiang said at a meeting with K.V. Kamath in Beijing in July, 2015. China Finance Minister Lou Jiwei said that the establishment of the NDB and the Beijing - led AIIB would encourage existing multilateral institutions to do better. At a news conference at the conclusion of the G20 meeting of finance ministers and central bank governors in Shanghai he added that the New Development Bank could help drive aggregate global demand. Bankers 8 July 2015, VTB CEO Andrey Kostin said that the NDB is `` important because it 's a first institution created by the BRICS countries. '' `` Actually we are talking about the institutionalization of the BRICS process, and that 's quite important I think. It 's a permanent working instrument which will be working every day and which will be in the heart of BRICS cooperation, '' he added. According to former Reserve Bank of India governor Raghuram Rajan, the NDB `` Is a co-operative effort between all BRICS countries. '' `` We have already reached contingency reserve agreement ( CRA ). This is second. Let 's see how it develops. Lots of hopes embedded in it for greater cooperation ( among the ) BRICS countries, '' he told reporters in February 2016. Logo and identity The logo of the NDB in the bank 's HQ in Shanghai The logo of the New Development Bank borrows from the mathematical concept of a Mobius strip that symbolizes the idea of continuous transformation. Its nature is not to disrupt but drive change in the existing system from within. The logo consists of a triangle in motion at one end signifying balanced evolution. The other end, moving in the opposite direction, is a propeller that represents speed and dynamism. These two entities are held together by a wireframe, the skeletal basic of infrastructure. The logo is rendered in gradient of green that symbolizes sustainability. This constant motion symbolizes the values that the bank strives to live by -- agility, innovation and continuous transformation. See also BRICS Contingent Reserve Arrangement Asian Infrastructure Investment Bank One Belt, One Road initiative References ^ Jump up to : `` Agreement on the New Development Bank -- Fortaleza, July 15 '' ( PDF ). NDB Official Website. 15 July 2014. Jump up ^ Lewis, Jeffrey ; Trevisani, Paulo. `` Brics Agree to Base Development Bank in Shanghai ''. The Wall Street Journal. Retrieved 16 July 2014. Jump up ^ `` Brics Bank now hiring in Johannesburg ''. Times LIVE. 7 March 2016. Retrieved 13 March 2016. 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Jump up ^ `` NDB Successfully Issued First RMB - denominated Green Financial Bond ''. www.ndb.int. Retrieved 2016 - 08 - 16. Jump up ^ `` Not here to compete with IMF, World Bank : NDB chief KV Kamath - The Economic Times ''. Retrieved 2016 - 08 - 30. Jump up ^ `` President of the New Development Bank K.V. Kamath Met President of the Russian Federation Vladimir Putin ''. www.ndb.int. Retrieved 2016 - 08 - 26. Jump up ^ `` No competition between BRICS bank and AIIB -- Russian deputy foreign minister ''. Retrieved 2016 - 08 - 25. Jump up ^ `` 5 Minutes with Leslie Maasdorp of the New Development Bank -- Insight ''. Insight. Retrieved 2016 - 03 - 29. Jump up ^ `` First Brics bank loan to India likely for solar project : Kamath - Times of India ''. The Times of India. Retrieved 2016 - 03 - 18. Jump up ^ `` China Headlines NDB president says to work with AIIB, hails bloc 's significance - Xinhua ''. news.xinhuanet.com. Retrieved 2016 - 03 - 30. Jump up ^ `` World Bank Group, New Development Bank Lay Groundwork for Cooperation - New Development Bank ''. New Development Bank. Retrieved 2017 - 04 - 28. Jump up ^ `` Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S. - Dominated World Bank & IMF ''. Democracy Now !. Retrieved 2016 - 03 - 16. Jump up ^ `` NDB president says to work with AIIB - China.org.cn ''. www.china.org.cn. Retrieved 2016 - 03 - 30. Jump up ^ `` China finmin says establishment of NDB may help drive global demand ''. Reuters. 2016 - 02 - 27. Retrieved 2016 - 03 - 18. Jump up ^ `` BRICS bank a ' worthwhile venture ', off to good start : RBI guv Rajan ''. Hindustan Times. Retrieved 2016 - 03 - 18. Jump up ^ `` DY Works bags integrated branding rights for BRICS bank ''. timesofindia - economictimes. Retrieved 2016 - 04 - 04. Jump up ^ `` New Development Bank DYWORKS ''. dyworks.in. Retrieved 2016 - 04 - 04. Jump up ^ `` Our Identity New Development Bank ''. www.ndb.int. Retrieved 2016 - 04 - 04. 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Question: who has been appointed as the first president of brics promoted new development bank
Answer: K. V. Kamath