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NDB should increase emergency facility to USD 10 billion: Finance Minister

Finance Minister recognized NDB’s effort on fast-tracking the financial assistance of USD 5 Billion to BRICS countries, which also includes emergency assistance of USD 1 billion to India.

Apr 21, 2020 12:10 IST
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Union Finance Minister Nirmala Sitharaman on April 20 has asked the New Development Bank (NDB) to enhance the emergency facility to USD 10 billion in the fight against COVID-19.

The finance minister participated in the 5th Annual meeting of Board of governors of NDB through video conferencing.

In the meet, Nirmala Sitharaman appreciated NDB’s efforts on providing financial assistance to BRICS countries to combat the COVID-19 pandemic. She also outlines various measures taken by the Indian government to control the ongoing health crisis.

Key Highlights:

Finance Minister recognized NDB’s effort on fast-tracking the financial assistance of USD 5 Billion to BRICS countries, which also includes emergency assistance of USD 1 billion to India.

Nirmala Sitharaman noted that the bank has the financial capacity to enhance the assistance to USD 10 billion.

Amid the discussion, she also talked about the financial measures taken in India which included the allocation of USD 2 billion by Narendra Modi’s government.

Union Minister encouraged NDB to take the required actions in order to join the G-20 forum along with other International Financial Institutions (IFS’s)/Multilateral Development Bank (MDB’s).

It was also suggested by the minister that NDB must follow innovative practices that will support BRICS nations to support their sustainable development goals.

New Development Bank (NDB) has so far approved 14 projects of an amount of USD 4,183 million in India.

About the New Development Bank (NDB):

New Development Bank (NDB) which was formerly referred to as BRICS Development Bank was established by BRICS states (Brazil, Russia, India, China, and South Africa) in 2014. It is headquartered in Shanghai, China and its first regional office is in Johannesburg, South Africa.  

The purpose behind the establishment of the bank was to mobilize resources for sustainable development and infrastructure projects in BRICS as well as other emerging market economies and developing countries.

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