On September 3, 2019, Joint India- New Development Bank (NDB) workshop on Enhancing NDB’s engagement with the Indian private and public sector was held for a day in New Delhi. It was co-organized by NDB and the Department of Economic Affairs (DEA), Ministry of Finance of the Government of India.
Key Points:
- Guests: It was co-chaired by Shri K. Rajaraman, Additional Secretary of DEA, Mr. Xian Zhu, Vice President and Chief Operations Officer (COO) of NDB. There were more than 100 representatives from Indian public and private sector, including Ms. Naina Lal Kidwai, Member of BRICS Business Council and the former President of the Federation of Indian Chambers of Commerce and Industry (FICCI).
- Requirement: India needs an investment of about $1.30 trillion in the infrastructure sector over the next 5 years.
- Areas of NDB financing: Priority areas of NDB financing comprises of transportation (metro, inter-city mobility), digital infrastructure, agriculture (irrigation, agricultural supply chain, storage) and social sector (education, healthcare, skilling). NDB can consider raising green bonds for financing water and sanitation projects. It can also provide credit enhancement to municipalities for raising bonds.
- Present status: NDB has approved 28% of the loan to India which is the second highest amongst the BRICS ( Brazil, Russia, India, China and South Africa) countries. Highest loan was allocated to China. States like Madhya Pradesh, Bihar, Rajasthan, Maharashtra and Assam have received the funds.
- NDB may setup a regional center in India in future to expand its local footprint in India.
About NDB:
♦ It is the first Multilateral Development Bank established by BRICS (Brazil, Russia, India, China and South Africa) nations.
♦ India holds 20% stake in the bank.
♦ Headquarters: Shanghai, China
♦ President: KV Kamath
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