Brics looks back at first year of NDB
A South African delegation, led by Finance Minister Pravin Gordhan, was party to discussions on the New Development Bank’s (NDB) five-year strategy at its first annual meeting in Shanghai, China last week.
The Brazil, Russia, India, China and South Africa-, or Brics-, led institution used the event to take stock of its first year of operations, celebrating its achievements and charting a course for the future.
At the meeting, Gordhan’s delegation negotiated the role and scope of the Africa Regional Centre, which is based in Johannesburg, as well as held preliminary discussions on the expansion of the NDB’s membership.
In its first year, the bank apppointed an executive management team led by banker KV Kamath; finalised its core operational policies; processed its first set of loans – including a $180-million facility for State-owned power provider Eskom; and issued a renminbi-denominated green bond, mobilising almost $448-million.
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