NDB Board of Directors Approves Revised Policies, Discusses Bank’s Work during 10th Meeting in Shanghai

On 18 June 2017, the 10th Board of Directors (BoD) Meeting of the New Development Bank was held in Shanghai, China. During the meeting, the Board provided valuable guidance to the NDB management and approved revised policy documents pertaining to IT and information disclosure.

The project pipeline in the five member countries of the Bank and other matters related to ongoing work of the NDB were discussed.

Quarterly Audited Financial Report for the period of 1 January 2017 – 31 March 2017, budget revisions for 2017, Minutes and Summary of the 9th BoD meeting held on 31 March 2017 were approved by the Board.

The Board also approved the Agreement between the Government of the Republic of South Africa and the New Development Bank on the Hosting of the New Development Bank Africa Regional Centre in the Republic of South Africa.

Background information
The New Development Bank was created with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. The Bank will complement the efforts of other financial institutions and establish a network of global, regional and local partnerships with multilateral and national development banks as well as other institutions and market players.