New Development Bank

NDB, which has previously raised funds in Chinese yuan and South African rand, is in advanced stages of discussions with the Indian central bank for its debut rupee issuance, the sources said

NDB, the BRICS multilateral bank, named RBI executive director Rajiv Ranjan vice president and chief risk officer for five years; he will assume charge in September

Finance Minister Nirmala Sitharaman on Friday said in today's fast changing world, the mandate for New Development Bank (NDB) must be renewed with focus on greater agility, technological advancement and efficiency. Observing that NDB has played an important role in reshaping the financial landscape for the global South, she said, it has approved more than 100 projects, and it has approved more than USD 35 billion in financing across member countries, including key Indian initiatives like the metro rail, renewable energy and water management. NDB is not just a source of capital, it is a platform for shaping a more equitable and responsive global financial architecture, she said during the NDB Governors Seminar on the theme 'Challenges for Financing Sustainable Development for the Global South' in Rio de Janeiro, Brazil. "In today's fast changing world, its mandate must be renewed. The NDB's mandate must be renewed with focus on greater agility, technological advancement and efficienc

During her June 30-July 5 visit, the finance minister would attend the fourth International Conference on Financing for Development (FFD4) organised by the United Nations

The National Bank for Financing Infrastructure and Development (NaBFID) on Thursday said it has signed a Memorandum of Understanding (MoU) with the New Development Bank (NDB) creating a deep and sustainable infrastructure financing market and developing a supportive ecosystem around it. NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). This collaboration will help bridge the infrastructure financing gap and explore long-term collaboration opportunities, including the exchange of technical expertise, a joint statement said. NaBFID aims to work with NDB on clean energy and transportation projects, such as renewable energy initiatives, sustainable water and sewage management, among others, it said. The MoU also lays the foundation for both organisations to participate in ...

The New Development Bank (NDB) has given a go-ahead to the Himachal Pradesh Ropeways Corporation to float advance tenders for the construction of Rs 1,734-crore Shimla ropeway project. Once complete, the project is expected to decongest the state capital. The tender process is expected to start soon and 50 per cent of the 13.79-km ropeway will be completed in two years, officials said here on Tuesday. "A big success for state capital Shimla, NDB has given permission for floating advance tenders for the project, paving way for construction of the ropeway. The 13.79-km ropeway would be the longest ropeway in the country and second longest in the world," Himachal Pradesh Deputy Chief Minister Mukesh Agnihotri, who also holds the portfolio of transport and ropeways, said in a post on his social media account. The contribution of the Himachal Pradesh government will be 20 per cent while NDB will fund the remaining 80 per cent, of which 90 per cent will be subsidy and 10 per cent loan.

Brics Chief Zhou also said he expected China's economy to grow about 5% this year, in line with the government's target

The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and United Arab Emirates

The New Development Bank's regional office in GIFT City will identify projects with strong development impact

NDB has approved more than $3.6 billion loan for seven operations that entail on-lending through national financial intermediaries.

Minister bats for widening the scope of NDB to strengthen social infra

The total project cost is estimated at $3.75 billion, will also be financed by Asian Infrastructure Investment Bank, ADB, among others

Some 129 countries are in talks to rework global tax system to make digital firms pay tax regardless of their physical presence or measured profits in a country

India on Monday supported expansion of the membership of New Development Bank, set up by India and other BRICS nations, and emphasised on the importance of regional balance.

Praising the decision of the RBI for extending moratorium to borrowers till August, Kamath said it was very well done

The decisions were made on Wednesday at a special meeting of the Board of Governors in accordance with the Articles of Agreement of the NDB and its procedures, a press release from the bank said

The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.

The five-country group faces challenges arising from bilateral differences and diverse political systems

The Shanghai-based NDB - floated by Brazil, Russia, India, China and South Africa (BRICS) - is headed by renowned Indian banker K V Kamath

Bank has approved $470 mn loan for Madhya Pradesh's Rural Drinking Water Supply Project