New Development Bank

The New Development Bank (NDB) created by the BRICS countries formally came into existence at the Ufa Summit (Russia) in 2015.
It was established with the objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions toward global growth and development.
In 2018, the NDB received observer status in the UN General Assembly.
The five member nations – Brazil, Russia, India, China and South Africa – have an equal shareholding in the NDB.
Voting power of each member is equal to the number of its subscribed shares in capital stock.
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.

The Government of India and New Development Bank signed a loan agreement for one thousand million dollar to provide support to Aatma Nirbhar Bharat Abhiyan through MGNREG Scheme.
The programme will support the Government in mitigating the adverse economic impact of COVID-19 pandemic and enable economic recovery in the rural areas through Natural Resource Management (NRM) works.
The programme proposes creation of durable rural infrastructure assets relating to NRM and generation of employment opportunities for rural poor, especially migrant workers who have returned from urban areas and have lost their livelihoods due to the COVID-19 pandemic.

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