DMPQ:What is New Development Bank and explain its mandate? (International organisation)

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

1. The Bank supports public or private projects through loans, guarantees, equity participation and other financial instruments.
2. It is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa.
3. The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi.
4. Bank’s Articles of Agreement specify that all members of the United Nations could be members of the bank; however the share of the BRICS nations can never be less than 55% of voting power.
5. The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank
6. The initial authorized capital of the bank is $100 billion and initial subscribed capital of the NDB is $50 billion.
7. The bank aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable.
8. The bank’s primary focus of lending will be infrastructure and sustained development projects.