PRESS RELEASES
NDB Board of Directors holds its 26th Meeting, discusses preparations for Special Board of Governors Meeting
The Board of Directors (BoD) of the New Development Bank (NDB) held its 26th Meeting in virtual format on May 25, 2020.
At the Meeting, the Board discussed preparations for the forthcoming Special Board of Governors Meeting.
Reports of the Chair of Audit, Risk and Compliance Committee (ARC) and Budget, Human Resources and Compensation Committee (BHRC) were heard at the Meeting.
The BoD took note of Condensed Financial Statements for the New Development Bank for the three months ended March 31, 2020 and Condensed Financial Statements for the Project Preparation Fund of the New Development Bank for the three months ended March 31, 2020 as well as Risk, Compliance and Internal Audit reports from ARC.
The BoD approved the revision of Provisioning and Write-off Policy and Accounting Policy and Measurement.
A proposed Policy on Fast-track Emergency Response to COVID-19 was discussed by the Board.
Background information
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.