Finance minister attends New Development Bank Governors meet

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News:Indian Finance Minister attended the Special Board of Governors meet of New Development bank through video conference.

Facts:

  • New Development Bank(NDB): It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014.The Bank formally came into existence in 2015.
  • Purpose: To mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies as well as in developing countries.
  • Headquarters: Shanghai, China.
  • Capital: The initial authorized capital of the bank is $100 billion.
  • Voting Powers: The voting power of each member is equal to the number of its subscribed shares in the capital stock of the bank.