The New Development Bank (NDB) — a multilateral lender with a focus on the Global South of the of the Brazil-Russia-India-China-South Africa(BRICS) grouping — is all set to fund more than a dozen projects this year, which will focus on renewable energy.
Key Points
10-15 projects are in the pipeline for the remaining part of the year.
The NDB’s initial capital has been fixed at$50 billion, and the total paid in capital would be $ 10 billion.
Analysts point out that following the 2008 financial crisis, the NDB and the China-led Asian Infrastructure Development Bank (AIIB) — both geared towards infrastructure development in Asia and the Global South — are reshaping the global financial architecture, a field that had been monopolised by western backed International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB).
With Africa also one of its focal points, a NDB is set to open an African Regional Center (ARC), headquartered in Johannesburg, by thesecond half of this year.
The NDB has bagged a AAA institutional rating from domestic credit rating agencies in China,where the China Development Bank (CDB) and the Bank of China have been appointed as rating advisers.
Standard Chartered and Goldman Sachs arein the saddle as international rating advisors.
Current Affairs 25th February, 2016 Highlights of Railway Budget 2016 Railway Budget 2016: Live Current Affairs Round up January, 2016.
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