Press ReleaseNinth NDB Board of Governors Meeting Convened in Cape Town, South Africa

On August 30, 2024, the Board of Governors of the New Development Bank (NDB) convened its Ninth Annual Meeting in Cape Town, South Africa, under the theme "Investing in a Sustainable Future." This theme reflects the Bank's commitment to addressing global challenges through financing infrastructure and sustainable development projects in line with the NDB's mandate.

The meeting was chaired by H.E. Mr. Enoch Godongwana, Minister of Finance of the Republic of South Africa and Governor for South Africa.

Distinguished participants include: H.E. Mr. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs of the United Arab Emirates and Governor for the United Arab Emirates; H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development & International Cooperation of the Arab Republic of Egypt and Governor for Egypt; Mr. Min Liao, Vice Minister of Finance of the People's Republic of China and Alternate Governor for China; Mr. Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division, Ministry of Finance of the People's Republic of Bangladesh and Alternate Governor for Bangladesh; Mr. Guilherme Mello, Secretary of Economic Policies, Ministry of Finance of the Federative Republic of Brazil and Temporary Alternate Governor for Brazil; Mr. Ivan Chebeskov, Deputy Minister of Finance of the Russian Federation and Temporary Alternate Governor for Russia; Ms. Manisha Sinha, Additional Secretary, Department of Economic Affairs, Ministry of Finance of the Republic of India and Temporary Alternate Governor for India.

During the meeting, the Board of Governors received an update on the Bank's development over the past year and assured the Bank of its strong support.

The Board of Governors was updated on the progress of membership expansion and provided guidance for the next steps.

The Board of Governors was also briefed on the implementation of the Bank's General Strategy for 2022-2026, noting the Bank's progress in this regard.

The Board of Governors elected the next term of the Chairperson of and the Vice-Chairperson of the Board of Governors. They would hold their respective offices until the end of the Tenth Annual Meeting of the Board of Governors in 2025.

The Board of Governors decided that its Tenth Annual Meeting will be held in Brazil in 2025.

Background information

The New Development Bank was created in 2015 by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries. In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as its new member countries. For more information, please visit www.ndb.int.

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