SHANGHAI, May 28, 2018 /PRNewswire/ -- On 28 May 2018, the 3rd Annual Meeting of the NDB Board of Governors (BoG) and the 14th Meeting of the NDB Board of Directors (BoD) were held in Shanghai, China. At the Meetings, members of the Boards noted the progress of the Bank and expansion of its business scope and provided guidance for its future.
The 3rd Annual Meeting of the NDB BoG was chaired by Mr. Kun Liu, Governor of the NDB, and Minister of Finance of the People's Republic of China.
Mr. Nhlanhla Nene was elected as the Chairman of the BoG, and will serve in this position until the end of the next BoG Annual Meeting. It was also decided that the next Annual Meeting of the Bank's BoG will be held in South Africa in 2019.
During the Meeting, the BoG approved the Audited Financial Statements for the year ended December 31, 2017 and also approved the Condensed Unaudited Financial Statements for the NDB Project Preparation Fund for the year ended December 31, 2017.
During the 14th BoD Meeting, the Board discussed the Bank's work, including project pipelines in the member countries of the NDB.
The BoD approved six projects from all five member countries of the NDB with loans aggregating USD 1.6 billion. It was highlighted that in 2018 the Bank has significantly strengthened its project portfolio, and the total amount of approvals in 2018 has reached USD 1.7 billion.
With the six projects approved today, the total amount of the Bank's portfolio has reached over USD 5.1 billion.
- Petrobras Environmental Protection Project (Brazil)
The project is aimed at helping leading Brazilian oil and gas company, Petroleo Brasileiro S.A, or Petrobras, to improve the company's environmental footprint and to comply with new environmental regulatory requirements, through the upgrading of the infrastructure of two existing refineries with the objective of reducing harmful emissions and preventing water and soil contamination. The loan amount for the environmental protection project is USD 200 million.
- Development of Water Supply and Sanitation Systems Project (Russia)
The project is aimed at helping Russia's mother river, the Volga, combat water pollution problems, through the modernization and construction of integrated water supply and sanitation systems with the objective of reducing ecological damage and increasing the health security of residents in the five participating cities. The loan amount for the Development of Water Supply and Sanitation Systems Project is USD 320 million.
- Small Historic Cities Development Project (Russia)
The main objective of the project is to support the sustainable socio-economic development of nine competitively selected historic cities of national significance, through tourism infrastructure development with a focus on the preservation of cultural heritage and development of urban infrastructure. The loan amount for the Small Historic Cities Development Project is USD 220 million.
- Bihar Rural Roads Project (India)
The project is aimed at enhancing local connectivity and improving the state's transportation infrastructure through the construction and upgrading of rural roads with a total length of 4,000 km, spread across 26 districts in the state, and benefiting approximately 3,400 places of habitation. The loan amount for the Bihar Rural Roads Project is USD 350 million.
- Chongqing Small Cities Sustainable Development Project (China)
Under the framework of the project, the NDB will support sustainable infrastructure development in seven small cities in Chongqing Municipality, through an integrated sustainable urban infrastructure development scheme, consisting of sub-projects for urban infrastructure and ecological restoration. The objective of the project is to improve the living conditions of local residents and support sustainable economic development. The loan amount for the Chongqing Small Cities Sustainable Development Project is USD 300 million.
- Durban Container Terminal Berth Reconstruction Project (South Africa)
The project is aimed at helping the South African state-owned transportation company, Transnet, to enhance the capacity of its port in Durban, through the rehabilitating of its container terminal berths that are currently operating beyond their original design and the upgrading of port infrastructure to provide additional slots for larger vessels. The loan amount for the Durban Container Terminal Berth Reconstruction Project is USD 200 million.
The BoD also reviewed Independent Audited Financial Statements for the period ended March 31, 2018.
The New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.
SOURCE New Development Bank