China News Service, Beijing, May 20 (Reporter Li Xiaoyu) The New Development Bank announced on the 20th that the bank has successfully held the seventh annual meeting of the board of directors on the 19th, and Bangladesh and the United Arab Emirates have become full members of the bank.
The theme of this year's annual meeting of the Council is "The New Development Bank: Committed to Enhancing Development Impact", hosted by India.
The Board of Governors approved the NDB's second five-year strategy (2022-2026).
In the next five years, the New Development Bank will provide 30 billion US dollars of financial support to member countries, of which 40% of the investment will be used to support the promotion of climate change mitigation and adaptation, 30% will be invested in non-sovereign businesses, 30% will be in local currency, and 20% of the projects will be Co-financing with other multilateral development banks.
The NDB will continue to support investment in traditional infrastructure projects, increase support for climate-smart, disaster-resilient, technologically integrated and inclusive development projects, and further promote business innovation and diversify investment.
The Board of Governors agreed that the New Development Bank will absorb new members in a gradual and balanced manner and continue its efforts to build the Bank into a leading global multilateral development bank.
At the meeting, the New Development Bank announced the establishment of a regional office in India.
The meeting elected Liu Kun, Minister of Finance of China, as Chairman of the Council, and Minister of Finance of South Africa, Godongguana, as Vice-Chairman.
The meeting decided that the 8th Council Annual Meeting will be held in Shanghai, China in March 2023.
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