12th Meeting of NDB Board of Directors held in Shanghai

On 20 November 2017, the 12th meeting of the Board of Directors (BoD) of the New Development Bank was held in Shanghai.
During the meeting, the BoD approved two infrastructure and sustainable development projects in India and Russia with loans aggregating over USD 400 mln. A presentation on the preparation of the Bank’s project pipeline was delivered to the Board.
The BoD authorized operationalization of the Project Preparation Fund (PPF) designed for providing support for the preparation of bankable projects. Earlier in 2017, the Bank signed PPF contribution agreements with China and Russia, and the Government of India indicated readiness to join PPF.
Budget Utilization Report for 2017 and Proposed Expenditure Budget for 2018 were approved by the Board.
The BoD reviewed Independent Auditor’s Financial Statement for the nine months ended 30 September 2017.

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.