The 4th Annual Meeting of the New Development Banks (NDB) Board of Governors (BoG) and 18th Meeting of NDB’s Board of Directors (BoD) held in Cape Town, South Africa.
At meetings, Board members highlighted achievements of Bank, including its business expansion, growth of loan portfolio and ramp up of NDB’s borrowings.
Board of Governors provided guidance for Bank’s future work.
NDB’s BoG meeting was chaired by Mr. Tito Titus Mboweni, Governor of the NDB, and Minister of Finance of Republic of South Africa.
Mr. Paulo Guedes, Governor of NDB and Minister of Economy of Brazil, was elected as next Chairman of BoG, with term until end of next BoG Annual Meeting, which will be held in Brazil in 2020.
The New Development Bank, earlier named BRICS Development Bank, is a multilateral development bank established by BRICS states (Brazil, Russia, India, China and South Africa) with Headquarters in Shanghai, China and current President K.V. Kamath.