Home  /  Daily Current Affairs  /  21-05-2022 / New Development bank

New Development bank

Posted on May 21, 2022 by admin1  63

In Context

  • New Development Bank announced to set up its regional office in GIFT City (Gujarat), India.

New Development Bank

  • About:
    • It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
    • HQ: Shanghai, China
  • Establishment: 
    • Agreed by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013. 
    • It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
  • New members: 
    • The Bank’s membership is open to members of the UN. 
    • Bangladesh & UAE joined as new members in 2021. Other members like Egypt & Uruguay are the prospective members.
      • Prospective members listed herein have been admitted by NDB’s Board of Governors and will officially become a member country once they deposit their instrument of accession. 
  • Aim & Objectives: 
    • Foster greater financial and development cooperation.
    • Mobilise resources for infrastructure and sustainable development projects in BRICS & other emerging economies.
  • Voting method:
    • The initial subscribed capital (USD 100 billion) was equally distributed amongst the founding members. 
    • The number of shares to be initially subscribed by other members shall be determined by the Board of Governors by the special majority on the occasion of the acceptance of their accession.
    • None of the countries has the veto power.
  • In 2018, the NDB received observer status in the United Nations General Assembly.

How is NDB different from AIIB?

  • AIIB has 57 countries predominantly in the Asia and Pacific region whereas NDB has five BRICS countries.
  • Decision making in the NDB is more democratic, each member has one vote and decisions are taken by a simple voting method.
  • Whereas voting shares in AIIB are based on the size of each member country’s economy (GDP in PPP terms) and not on the basis of a contribution to the bank’s authorised capital. China, India and Russia are the three largest shareholders.

In AIIB, China is the largest shareholder with 26.61 % voting shares in the bank followed by India (7.6%), Russia (6.01%) and Germany (4.2 %).

 
Previous article Finland, Sweden submit NATO Membership Application
Next article BioRRAP Portal

Other News of the Day

In News A National workshop on Sowa-Rigpa for the Sowa-Rigpa practitioners of North Eastern States is held in Gangtok, Sikkim. The National Institute of Sowa-Rigpa under the Ministry of Ayush in collaboration with the Namgyal Institute of Tibetology (NIT) is conducting this workshop. The Ministry of Ayush intends to set up a 30-bedded Sowa Rigpa...
Read More

In News  Recently ,The Army Training Command signed a memorandum of understanding (MoU) with Gandhinagar-based Rashtriya Raksha University (RRU) to develop a ‘Wargame Research and Development Centre’(WARDEC) in New Delhi.  About Project WARDEC It will be a first-of-its-kind simulation-based training centre in India that will use artificial intelligence (AI) to design virtual reality wargames. It...
Read More

In News  Recently ,the Government  reconstituted the Central Advisory Board on Archaeology(CABA) over seven years since its last meeting. About CABA It is meant to strengthen contacts between the Archaeological Survey of India (ASI) and those in the field of archaeological research . The ASI re-constituted the board with the Culture Minister as the chairperson...
Read More

In News Recently, the centre said that India has reported highest FDI inflow worth $83 billion in 2021-2022. About the recent trend in FDI  In the Financial Year 2021-22 it touched a highest ever figure of $83.57 billion. FDI increased by around 22% post-Covid from 2020 to 2022 at $171.84 billion, in comparison to the...
Read More

In News Recently, the Ministry of External Affairs (MEA) said that two bridges are built by China in the Pangong area which have been under the illegal occupation of China since the 1960s. About  The bridge being referred to is a second structure that China is building, right next to the bridge it constructed earlier...
Read More

In News Recently, Armenia has been witnessing growing anti-government protests against possible concessions over the Nagorno-Karabakh territory, disputed with neighbouring Azerbaijan. About the Conflict Protestors are demanding the resignation of  Prime Minister (PM) Nikol Pashinyan and are taking the means of strike like, chanting anti-government slogans, blocking metro from moving etc. Location: Nagorno-Karabakh is a...
Read More

In News The U.S President is set to launch IPEF to boost its economic presence in the Indo-Pacific region during the upcoming QUAD summit. What is IPEF? It is an economic framework for enhancing US involvement in Asia. It is to counter the influence of China in the region and fill the vacuum created by...
Read More

In News Scientists recently scanned a rock structure that is located 3,000 kilometres beneath Hawaii and is known to slow earthquake waves. Researchers used earthquake or seismic waves to peer into the earth’s interior.  The findings of the study are published in “Nature Communications.” More findings: The rock structure is what is called an ‘ultra-low...
Read More

In News  Recently ,the Department of Biotechnology (DBT) issued guidelines easing norms for research into Genetically Modified (GM) crops and circumventing challenges of using foreign genes to change crops profile. Major Highlights  The ‘Guidelines for Safety Assessment of Genome Edited Plants, 2022’ exempt researchers who use gene-editing technology to modify the genome of the plant...
Read More