India attends New Development Bank Governors meet
- Finance Minister Nirmala Sitaraman attended the Special Board of Governors meet of New Development bank through video conference on May 27, 2020.
- The leaders that attended the meet elected the president, vice president of new development bank.
- The bank has so far approved 16.6 billion USD to over 55 projects in its member countries.
- Mr Marcos Troyjo of Brazil was elected as the president at the meet.
- New Development Bank was founded in 2014.
- The headquarters of the bank is located in Shanghai, China.
- It aims to foster development of its member countries, support economic growth, promote competitiveness and build knowledge sharing platform.
- The bank was formed by the BRICS nations.
- The 5th annual meet of board of governors of the New Development Bank was held in April 2020.
- During the meet, the bank allocated 5 billion USD to BRICS countries and 1 billion USD of emergency funds to India.