NDB Board of Governors held its 7th Annual Meeting in virtual format

On May 19, 2022, the New Development Bank Seventh Annual Meeting of the Board of Governors was held virtually. The theme of the Seventh Annual Meeting was “NDB: Optimising Development Impact.”

The Annual Meeting was hosted by India and presided over by Mrs. Nirmala Sitharaman, Minister of Finance of the Republic of India, Chairperson of the NDB Board of Governors.

In his remarks at the Meeting, Mr. Marcos Troyjo, NDB President congratulated the Chairperson of the Board for her leadership and welcomed the representatives of new member countries.

He highlighted that 2022 is a special year for the Bank as it marks the 10th anniversary of the decision by the Leaders of the founding member countries to explore the feasibility of establishing a new development bank.

Mr. Marcos Troyjo added that “NDB is delivering on the vision of its founders and achieved the main targets of its first General Strategy.”

NDB President also outlined the Bank’s progress over the past year, including the expansion of its membership, moving to a new Headquarters building in Shanghai, as well as the main development outputs and outcomes of projects approved in 2021.

The Meeting highlighted that having laid the groundwork for executing on its mandate in the first five-year strategy cycle, NDB will focus the 2022–2026 cycle on maximising development impact, by enhancing its role in resource mobilisation to support an increasingly diversified portfolio of high-quality projects.

The Board of Governors approved NDB General Strategy for 2022–2026. The new five-year strategy sets the course for the Bank’s evolution into a leading provider of solutions for infrastructure and sustainable development for emerging market economies and developing countries.

The Board of Governors agreed that NDB will expand its membership in a gradual and balanced manner, and continue to strive towards becoming a premier global multilateral development bank.

NDB announced the establishment of its India Regional Office, which is responsible for coordinating the work programme and leading the project origination and supervision of the project implementation.

The Board of Governors elected Mr. Kun Liu, Minister of Finance of the People’s Republic of China, the Governor for China, as the next Chairperson of the Board of Governors, and Mr. Enoch Godongwana, Minister of Finance of the Republic of South Africa, the Governor for South Africa, as the next Vice-Chairperson of the Board of Governors.

The Board of Governors agreed that its Eighth Annual Meeting will be held in Shanghai, China.

The Board of Governors approved the 2021 Financial Accounts for the Ordinary Operations of the New Development Bank as well as the 2021 Financial Accounts of the Project Preparation Fund.