On May 27, 2020, Finance Minister Nirmala Sitaraman attended the Special Board of Governors meet of New Development bank through video conference.
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
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.
5th Annual Meet and COVID-19
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.