PRESS RELEASES
NDB Board of Directors holds its 24th meeting, approves investment in India
The Board of Directors (BoD) of the New Development Bank (NDB) held its 24th Meeting virtually on March 25, 2020.
The Board approved investment in National Investment and Infrastructure Fund (NIIF) in India. The Bank will invest up to USD 100 million equivalent with the objective of supporting investment growth in India by catalyzing private sector investments in infrastructure and other sectors. The fund, in its turn, will invest in 8-10 private equity funds that will invest in companies in India across multiple sectors, including green infrastructure, mid-income/affordable housing, infrastructure services, social infrastructure, urban infrastructure, etc.
The Board also approved technical assistance (TA) of USD 400,000 to the Russian Federation for Upgrade of Kaliningrad Sea Port Project aimed at increasing the Port’s cargo turnover by more than 50% from the current capacity, through improvement of the main infrastructure of the Port. The TA will provide consulting services to evaluate feasibility of the Project and carry out activities required to prepare the Project up to the stage when it can be considered by external financiers.
The Board was briefed on the robust project pipeline for 2020, which includes support for infrastructure and sustainable development projects in all member countries.
The Board took note of the second offering under the RMB Bond Programme, in the amount of RMB 5 billion. The Bank has registered the RMB 10 billion Bond Programme in the China Interbank Market in January 2019 and the validity of the Programme is two years. The NDB placed the first offering with the total size of RMB 3 billion in 2019.
The Board of Directors announced that the Fifth Annual Meeting of the Board of Governors of the New Development Bank will take place on April 20, 2020 virtually.
The 14th Audit, Risk and Compliance Committee Meeting and the 9th Budget, Human Resources and Compensation Committee Meeting of the Board of Directors took place virtually on March 24, 2020.
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. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. The NDB received AA+ long-term issuer credit ratings from S&P and Fitch and AAA foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR).