New Development Bank (NDB)
As a new multilateral development bank set up by the BRICS nations - Brazil, Russia, India, China and South Africa, the New Development Bank is focused on mobilizing resources for infrastructure and sustainable development in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology. The NDB will partner nations through capital and knowledge, achieving development goals with transparency and empathy and creating an equal opportunity for the development of all member countries.
The Bank would lend in its member countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. Their objective is to supplement the development agenda in their member countries through efficient and result-oriented project financing, which is built on the best practices of ethics, compliance and governance. The Bank will provide technical assistance for projects to be supported by the NDB and engage in information, cultural and personnel exchanges with the purpose of contributing to the achievement of environmental and social sustainability.
Their headquarters is based in Shanghai, China, and their first regional center will be in Johannesburg, South Africa.