India attends New Development Bank Governors meet

Highlights:
  • Finance Minister Nirmala Sitaraman attended the Special Board of Governors meet of New Development bank through video conference on May 27, 2020.
Details Analysis:
  • 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.