{"id":7955,"date":"2017-09-27T11:37:01","date_gmt":"2017-09-27T14:37:01","guid":{"rendered":"http:\/\/devbrq.fazti.com.br\/?page_id=7955"},"modified":"2018-10-26T13:21:20","modified_gmt":"2018-10-26T16:21:20","slug":"new-development-bank","status":"publish","type":"page","link":"https:\/\/bricspolicycenter.org\/en\/new-development-bank\/","title":{"rendered":"New Development Bank"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\">New Development Bank<\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"color: #333399;\"><strong>Updated on January 2018<\/strong><\/span><\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<h2>Nature and Purpose<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]<\/p>\n<ul>\n<li><strong>Establishment:<\/strong> <a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">Agreement on the New Development\u00a0Bank<\/a> was signed during the IV BRICS summit (July, 2014)\u00a0in Fortaleza, Brazil and entered into force during the VII\u00a0BRICS summit (July, 2015), in Ufa \u2013 Russia.<\/li>\n<li><strong>Headquarters and regional offices:<\/strong> In February 2016, the\u00a0NDB signed an <a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/HQAgreement-EN.pdf\">agreement<\/a> with China to set the headquarters<br \/>\nin Shanghai and announced the opening of a regional\u00a0office in Johannesburg, South Africa.<\/li>\n<li><strong>Objective:<\/strong> Mobilizing resources to \u201cinfrastructure and\u00a0sustainable development projects in BRICS countries and\u00a0other developing countries, in addition to existing\u00a0efforts of multilateral and regional\u00a0financial institutions to the global\u00a0growth and development\u201d (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">NDB,\u00a02014<\/a>).<br \/>\n\u2022 Representatives of the\u00a0NDB characterize the\u00a0agility of lending as<br \/>\none of the key advantages\u00a0in relation\u00a0to other multilateral<br \/>\ndevelopment\u00a0banks (<a href=\"https:\/\/www.devex.com\/news\/maasdorp-on-brics-bank-s-openness-and-unique-place-in-the-mdb-world-88374\">Devex,\u00a02016<\/a>).<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Capital Structure<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;2\/3&#8243;][vc_column_text]<\/p>\n<ul>\n<li>NDB was founded with an authorized capital of US$100\u00a0billion and initial subscribed capital of US$50 billion,\u00a0with contributions equally distributed between the five\u00a0founding members (US$10 billion each) (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">NDB, 2014<\/a>).<br \/>\n\u2022 Among the total initial capital, US$10 billion corresponds\u00a0to paid-in capital and US$40 billion to callable capital\u00a0\u2013 not paid yet \u2013 also equally distributed between the\u00a0members (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">NDB, 2014<\/a>).<\/li>\n<li>Although the founding document indicates the intention\u00a0of providing loans to allow the purchasing of stocks by\u00a0other countries, 55% of them must be controlled by\u00a0BRICS countries and 25% by emerging economies\u00a0\u2013 confirming the orientation of the<br \/>\nbank towards developing countries\u00a0(<a href=\"https:\/\/www.devex.com\/news\/maasdorp-on-brics-bank-s-openness-and-unique-place-in-the-mdb-world-88374\">Devex, 2016<\/a>). Also, terms and<br \/>\nconditions to the admission of\u00a0new members to the bank\u00a0were recently approved\u00a0and will be soon available\u00a0in the NDB website<br \/>\n(<a href=\"http:\/\/www.ndb.int\/press_release\/ndb-board-governors-approves-banks-five-year-strategy-terms-conditions-procedures-admission-new-members\/\">NDB website, n.d<\/a>.)<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][vc_column width=&#8221;1\/3&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\"><strong><em>Capital Inicial (em bilh\u00f5es de d\u00f3lares)<\/em><\/strong><\/p>\n<p style=\"text-align: center;\"><em>Fonte: O autor, baseado no\u00a0<\/em><a href=\"http:\/\/brics.itamaraty.gov.br\/images\/pdf\/BRICSNDB.doc\"><em>Acordo sobre o Novo Banco de Desenvolvimento<\/em><\/a><\/p>\n<p>[\/vc_column_text][vc_empty_space]<div class='q_pie_graf_holder'><div class='q_pie_graf'><canvas id='pie9272' height='150' width='150'><\/canvas><\/div><div class='q_pie_graf_legend'><ul><li><div class='color_holder' style='background-color: #006400;'><\/div><p style='color: #000000;'>Brazil<\/p><\/li><li><div class='color_holder' style='background-color: #1E90FF;'><\/div><p style='color: #000000;'>Russia<\/p><\/li><li><div class='color_holder' style='background-color: #FFA500;'><\/div><p style='color: #000000;'>India<\/p><\/li><li><div class='color_holder' style='background-color: #FF0000;'><\/div><p style='color: #000000;'>China<\/p><\/li><li><div class='color_holder' style='background-color: #FFD700;'><\/div><p style='color: #000000;'>South Africa<\/p><\/li><\/ul><\/div><\/div><script>var pie9272 = [{value: 20,color:'#006400'},{value: 20,color:'#1E90FF'},{value: 20,color:'#FFA500'},{value: \u00a020,color:'#FF0000'},{value: \u00a020,color:'#FFD700'}];\n\t\tvar $j = jQuery.noConflict();\n\t\t$j(document).ready(function() {\n\t\t\tif($j('.touch .no_delay').length){\n\t\t\t\tnew Chart(document.getElementById('pie9272').getContext('2d')).Doughnut(pie9272,{segmentStrokeColor : 'transparent',});\n\t\t\t}else{\n\t\t\t\t$j('#pie9272').appear(function() {\n\t\t\t\t\tnew Chart(document.getElementById('pie9272').getContext('2d')).Doughnut(pie9272,{segmentStrokeColor : 'transparent',});\n\t\t\t\t},{accX: 0, accY: -200});\n\t\t\t}\t\t\t\t\t\t\t\n\t\t});\n\t<\/script>[\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Green Bonds<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]<\/p>\n<ul>\n<li>NDB also raises funds through the issuance of bonds in local<br \/>\ncurrency, with reduced exchange risks to domestic investors.<br \/>\nIn July 2016, the bank issued bonds in the amount of 3 billion<br \/>\nyuan (US$ 448 million) in China\u2019s bonds market, with<br \/>\nmaturity of five years and interest rate of 3.07% (<a href=\"http:\/\/europe.chinadaily.com.cn\/business\/2016-07\/20\/content_26151024.htm\">China Daily,<\/a><br \/>\n2016). Representatives of the bank declared the intention of<br \/>\nincreasing the issuance of bonds in local currency in China and<br \/>\nsoon expand it to other founding members, particularly India<br \/>\n(in rupees) and Russia (in rubles) (<a href=\"http:\/\/www.business-standard.com\/article\/finance\/new-development-bank-plans-rupee-rouble-bonds-116101301159_1.html\">Business Standard, 2016<\/a>).<\/li>\n<\/ul>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Avalia\u00e7\u00e3o (Rating)<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]NDB received an \u201cAAA\u201d\u00a0classification by the Chinese\u00a0credit rating agencies\u00a0China Chengxin Credit Rating\u00a0and China Lianhe Credit Rating<br \/>\n(<a href=\"http:\/\/www.ndb.int\/investor-relations\/credit-ratings\/\">NDB Website, n.d.<\/a>). According to\u00a0these agencies, the main qualities of the\u00a0NDB credit include:<\/p>\n<p>(i) Great potential to further growth of\u00a0businesses in developing countries;<br \/>\n(ii) Sophisticated structures of governance\u00a0and risk management;<br \/>\n(iii) Operational efficiency and high qualified staff;<br \/>\n(iv) High level of paid-up capital, with punctuality\u00a0in infusions.<\/p>\n<p>The bank plans to initiate engagement with international\u00a0rating agencies, even though representatives have denied\u00a0rumors about the intention of developing a rating agency\u00a0within the NDB (<a href=\"http:\/\/www.business-standard.com\/article\/finance\/new-development-bank-plans-rupee-rouble-bonds-116101301159_1.html\">Business Standard, 2016<\/a>).[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Financed Projects<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]In 2016 the Bank disbursed around US$ 1.5 billion in infrastructure\u00a0projects and sustainable development in BRICS countries.\u00a0Until now, NDB has eleven projects with approved lending.<\/p>\n<h3 style=\"text-align: center;\"><\/h3>\n<p style=\"text-align: center;\"><div class=\"supsystic-table-loader spinner\"><\/div><div id=\"supsystic-table-1_89450\" class=\"supsystic-tables-wrap \" style=\" width:100%; visibility: hidden; \" data-table-width-fixed=\"100%\" ><table id=\"supsystic-table-1\" class=\"supsystic-table border stripe hover lightboxImg cell-border\" data-id=\"1\" data-view-id=\"1_89450\" data-title=\"NDB: Projetos Financiados\" data-currency-format=\"$1,000.00\" data-percent-format=\"10.00%\" data-date-format=\"DD.MM.YYYY\" data-time-format=\"HH:mm\" data-features=\"[&quot;after_table_loaded_script&quot;]\" data-search-value=\"\" data-lightbox-img=\"\" data-head=\"on\" data-head-rows-count=\"1\" data-fixed-head=\"on\" data-fixed-height = \"400\" data-pagination-length=\"50,100,All\" data-auto-index=\"off\" data-searching-settings=\"{&quot;minChars&quot;:&quot;0&quot;}\" data-lang=\"Portuguese-Brasil\" data-override=\"{&quot;emptyTable&quot;:&quot;&quot;,&quot;info&quot;:&quot;&quot;,&quot;infoEmpty&quot;:&quot;&quot;,&quot;infoFiltered&quot;:&quot;&quot;,&quot;lengthMenu&quot;:&quot;&quot;,&quot;search&quot;:&quot;&quot;,&quot;zeroRecords&quot;:&quot;&quot;,&quot;file&quot;:&quot;Portuguese-Brasil&quot;}\" data-merged=\"[]\" data-responsive-mode=\"0\" data-from-history=\"0\" ><thead><tr><th data-cell-id=\"A1\" data-x=\"0\" data-y=\"1\" data-db-index=\"1\" class=\"htCenter bold\" data-cell-type=\"text\" data-original-value=\"Pa\u00eds\" data-order=\"Pa\u00eds\" style=\"min-width:10.2463%; \" >Pa\u00eds <\/th><th data-cell-id=\"B1\" data-x=\"1\" data-y=\"1\" data-db-index=\"1\" class=\"htCenter bold\" data-cell-type=\"text\" data-original-value=\"Valor (US$)\" data-order=\"Valor (US$)\" style=\"min-width:14.3842%; \" >Valor (US$) <\/th><th data-cell-id=\"C1\" data-x=\"2\" data-y=\"1\" data-db-index=\"1\" class=\"htCenter bold\" data-cell-type=\"text\" data-original-value=\"Intermedi\u00e1rio\" data-order=\"Intermedi\u00e1rio\" style=\"min-width:33.0049%; \" >Intermedi\u00e1rio <\/th><th data-cell-id=\"D1\" data-x=\"3\" data-y=\"1\" data-db-index=\"1\" class=\"htCenter bold\" data-cell-type=\"text\" data-original-value=\"Descri\u00e7\u00e3o\" data-order=\"Descri\u00e7\u00e3o\" style=\"min-width:33.0049%; \" >Descri\u00e7\u00e3o <\/th><th data-cell-id=\"E1\" data-x=\"4\" data-y=\"1\" data-db-index=\"1\" class=\"htCenter bold\" data-cell-type=\"text\" data-original-value=\"Aprova\u00e7\u00e3o\" data-order=\"Aprova\u00e7\u00e3o\" style=\"min-width:9.3596%; \" >Aprova\u00e7\u00e3o <\/th><\/tr><\/thead><tbody><tr style=\"height:px\" ><td data-cell-id=\"A2\" data-x=\"0\" data-y=\"2\" data-db-index=\"2\" class=\"\" data-cell-type=\"text\" data-original-value=\"Brasil\" data-order=\"Brasil\" >Brasil <\/td><td data-cell-id=\"B2\" data-x=\"1\" data-y=\"2\" data-db-index=\"2\" class=\"\" data-cell-type=\"text\" data-original-value=\"300 milh\u00f5es\" data-order=\"300 milh\u00f5es\" >300 milh\u00f5es <\/td><td data-cell-id=\"C2\" data-x=\"2\" data-y=\"2\" data-db-index=\"2\" class=\"\" data-cell-type=\"text\" data-original-value=\"BNDES\" data-order=\"BNDES\" >BNDES <\/td><td data-cell-id=\"D2\" data-x=\"3\" data-y=\"2\" data-db-index=\"2\" class=\"\" data-cell-type=\"text\" data-original-value=\"Infraestrutura para energia solar e e\u00f3lica (600 megawatts); Linhas de transmiss\u00e3o\" data-order=\"Infraestrutura para energia solar e e\u00f3lica (600 megawatts); Linhas de transmiss\u00e3o\" >Infraestrutura para energia solar e e\u00f3lica (600 megawatts); Linhas de transmiss\u00e3o <\/td><td data-cell-id=\"E2\" data-x=\"4\" data-y=\"2\" data-db-index=\"2\" class=\"\" data-cell-type=\"text\" data-original-value=\"16\/04\/2016\" data-order=\"16\/04\/2016\" >16\/04\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A3\" data-x=\"0\" data-y=\"3\" data-db-index=\"3\" class=\"\" data-cell-type=\"text\" data-original-value=\"R\u00fassia\" data-order=\"R\u00fassia\" >R\u00fassia <\/td><td data-cell-id=\"B3\" data-x=\"1\" data-y=\"3\" data-db-index=\"3\" class=\"\" data-cell-type=\"text\" data-original-value=\"50 milh\u00f5es\" data-order=\"50 milh\u00f5es\" >50 milh\u00f5es <\/td><td data-cell-id=\"C3\" data-x=\"2\" data-y=\"3\" data-db-index=\"3\" class=\"\" data-cell-type=\"text\" data-original-value=\"Banco Eurasi\u00e1tico de Desenvolvimento e International Investment Bank\" data-order=\"Banco Eurasi\u00e1tico de Desenvolvimento e International Investment Bank\" >Banco Eurasi\u00e1tico de Desenvolvimento e International Investment Bank <\/td><td data-cell-id=\"D3\" data-x=\"3\" data-y=\"3\" data-db-index=\"3\" class=\"\" data-cell-type=\"text\" data-original-value=\"Constru\u00e7\u00e3o de hidrel\u00e9tricas; (50 megawatts)\" data-order=\"Constru\u00e7\u00e3o de hidrel\u00e9tricas; (50 megawatts)\" >Constru\u00e7\u00e3o de hidrel\u00e9tricas; (50 megawatts) <\/td><td data-cell-id=\"E3\" data-x=\"4\" data-y=\"3\" data-db-index=\"3\" class=\"\" data-cell-type=\"text\" data-original-value=\"20\/07\/2016\" data-order=\"20\/07\/2016\" >20\/07\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A4\" data-x=\"0\" data-y=\"4\" data-db-index=\"4\" class=\"\" data-cell-type=\"text\" data-original-value=\"India\" data-order=\"India\" >India <\/td><td data-cell-id=\"B4\" data-x=\"1\" data-y=\"4\" data-db-index=\"4\" class=\"\" data-cell-type=\"text\" data-original-value=\"250 milh\u00f5es\" data-order=\"250 milh\u00f5es\" >250 milh\u00f5es <\/td><td data-cell-id=\"C4\" data-x=\"2\" data-y=\"4\" data-db-index=\"4\" class=\"\" data-cell-type=\"text\" data-original-value=\"Canara Bank\" data-order=\"Canara Bank\" >Canara Bank <\/td><td data-cell-id=\"D4\" data-x=\"3\" data-y=\"4\" data-db-index=\"4\" class=\"\" data-cell-type=\"text\" data-original-value=\"Energia renov\u00e1vel (500 megawatts)\" data-order=\"Energia renov\u00e1vel (500 megawatts)\" >Energia renov\u00e1vel (500 megawatts) <\/td><td data-cell-id=\"E4\" data-x=\"4\" data-y=\"4\" data-db-index=\"4\" class=\"\" data-cell-type=\"text\" data-original-value=\"16\/04\/2016\" data-order=\"16\/04\/2016\" >16\/04\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A5\" data-x=\"0\" data-y=\"5\" data-db-index=\"5\" class=\"\" data-cell-type=\"text\" data-original-value=\"\u00cdndia\" data-order=\"\u00cdndia\" >\u00cdndia <\/td><td data-cell-id=\"B5\" data-x=\"1\" data-y=\"5\" data-db-index=\"5\" class=\"\" data-cell-type=\"text\" data-original-value=\"350 milh\u00f5es\" data-order=\"350 milh\u00f5es\" >350 milh\u00f5es <\/td><td data-cell-id=\"C5\" data-x=\"2\" data-y=\"5\" data-db-index=\"5\" class=\"\" data-cell-type=\"text\" data-original-value=\"Empr\u00e9stimo soberano\u00b9\" data-order=\"Empr\u00e9stimo soberano\u00b9\" >Empr\u00e9stimo soberano\u00b9 <\/td><td data-cell-id=\"D5\" data-x=\"3\" data-y=\"5\" data-db-index=\"5\" class=\"\" data-cell-type=\"text\" data-original-value=\"Revitaliza\u00e7\u00e3o de rodovias\" data-order=\"Revitaliza\u00e7\u00e3o de rodovias\" >Revitaliza\u00e7\u00e3o de rodovias <\/td><td data-cell-id=\"E5\" data-x=\"4\" data-y=\"5\" data-db-index=\"5\" class=\"\" data-cell-type=\"text\" data-original-value=\"23\/11\/2016\" data-order=\"23\/11\/2016\" >23\/11\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A6\" data-x=\"0\" data-y=\"6\" data-db-index=\"6\" class=\"\" data-cell-type=\"text\" data-original-value=\"China\" data-order=\"China\" >China <\/td><td data-cell-id=\"B6\" data-x=\"1\" data-y=\"6\" data-db-index=\"6\" class=\"\" data-cell-type=\"text\" data-original-value=\"81 milh\u00f5es\" data-order=\"81 milh\u00f5es\" >81 milh\u00f5es <\/td><td data-cell-id=\"C6\" data-x=\"2\" data-y=\"6\" data-db-index=\"6\" class=\"\" data-cell-type=\"text\" data-original-value=\"Shangai Lingang Hongbo New Energy Development Company\" data-order=\"Shangai Lingang Hongbo New Energy Development Company\" >Shangai Lingang Hongbo New Energy Development Company <\/td><td data-cell-id=\"D6\" data-x=\"3\" data-y=\"6\" data-db-index=\"6\" class=\"\" data-cell-type=\"text\" data-original-value=\"Produ\u00e7\u00e3o de pain\u00e9is solares (100 megawatts)\" data-order=\"Produ\u00e7\u00e3o de pain\u00e9is solares (100 megawatts)\" >Produ\u00e7\u00e3o de pain\u00e9is solares (100 megawatts) <\/td><td data-cell-id=\"E6\" data-x=\"4\" data-y=\"6\" data-db-index=\"6\" class=\"\" data-cell-type=\"text\" data-original-value=\"16\/04\/2016\" data-order=\"16\/04\/2016\" >16\/04\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A7\" data-x=\"0\" data-y=\"7\" data-db-index=\"7\" class=\"\" data-cell-type=\"text\" data-original-value=\"China\" data-order=\"China\" >China <\/td><td data-cell-id=\"B7\" data-x=\"1\" data-y=\"7\" data-db-index=\"7\" class=\"\" data-cell-type=\"text\" data-original-value=\"290 milh\u00f5es\" data-order=\"290 milh\u00f5es\" >290 milh\u00f5es <\/td><td data-cell-id=\"C7\" data-x=\"2\" data-y=\"7\" data-db-index=\"7\" class=\"\" data-cell-type=\"text\" data-original-value=\"Empr\u00e9stimo Soberano\u00b2\" data-order=\"Empr\u00e9stimo Soberano\u00b2\" >Empr\u00e9stimo Soberano\u00b2 <\/td><td data-cell-id=\"D7\" data-x=\"3\" data-y=\"7\" data-db-index=\"7\" class=\"\" data-cell-type=\"text\" data-original-value=\"Energia e\u00f3lica e solar (250 megawatts)\" data-order=\"Energia e\u00f3lica e solar (250 megawatts)\" >Energia e\u00f3lica e solar (250 megawatts) <\/td><td data-cell-id=\"E7\" data-x=\"4\" data-y=\"7\" data-db-index=\"7\" class=\"\" data-cell-type=\"text\" data-original-value=\"23\/11\/2016\" data-order=\"23\/11\/2016\" >23\/11\/2016 <\/td><\/tr><tr style=\"height:px\" ><td data-cell-id=\"A8\" data-x=\"0\" data-y=\"8\" data-db-index=\"8\" class=\"\" data-cell-type=\"text\" data-original-value=\"\u00c1frica do Sul\" data-order=\"\u00c1frica do Sul\" >\u00c1frica do Sul <\/td><td data-cell-id=\"B8\" data-x=\"1\" data-y=\"8\" data-db-index=\"8\" class=\"\" data-cell-type=\"text\" data-original-value=\"180 milh\u00f5es\" data-order=\"180 milh\u00f5es\" >180 milh\u00f5es <\/td><td data-cell-id=\"C8\" data-x=\"2\" data-y=\"8\" data-db-index=\"8\" class=\"\" data-cell-type=\"text\" data-original-value=\"ESKOM Holdings SOC Ltd.\" data-order=\"ESKOM Holdings SOC Ltd.\" >ESKOM Holdings SOC Ltd. <\/td><td data-cell-id=\"D8\" data-x=\"3\" data-y=\"8\" data-db-index=\"8\" class=\"\" data-cell-type=\"text\" data-original-value=\"Infraestrutura para energia renov\u00e1vel (500 megawatts)\" data-order=\"Infraestrutura para energia renov\u00e1vel (500 megawatts)\" >Infraestrutura para energia renov\u00e1vel (500 megawatts) <\/td><td data-cell-id=\"E8\" data-x=\"4\" data-y=\"8\" data-db-index=\"8\" class=\"\" data-cell-type=\"text\" data-original-value=\"16\/04\/2016\" data-order=\"16\/04\/2016\" >16\/04\/2016 <\/td><\/tr><\/tbody><\/table><!-- \/#supsystic-table-1.supsystic-table --><\/div><!-- \/.supsystic-tables-wrap --><!-- Tables Generator by Supsystic --><!-- Version:1.10.37 --><!-- http:\/\/supsystic.com\/ --><a title=\"WordPress Data Table Plugin\" style=\"display:none;\" href=\"https:\/\/supsystic.com\/plugins\/wordpress-data-table-plugin\/?utm_medium=love_link\" target=\"_blank\">WordPress Data Table Plugin<\/a><\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Disbursements by Country<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]Furthermore, the analysis of the allocation of the NDB disbursed\u00a0loans by country reveals a strong concentration in\u00a0China and India, which are the destination of 65% of the total\u00a02016 disbursements, while only 6% was destined to South\u00a0Africa. Representatives of the bank stated their intention<br \/>\nof expanding the grant of loans in the future to developing\u00a0countries aside from the BRICS (<a href=\"http:\/\/www.business-standard.com\/article\/finance\/new-development-bank-plans-rupee-rouble-bonds-116101301159_1.html\">Business Standard, 2016<\/a>)[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\"><em><u>Graph 2<\/u><\/em><\/p>\n<p style=\"text-align: center;\"><em>Fonte: o autor com base na\u00a0<\/em><a href=\"http:\/\/www.ndb.int\/projects\/list-of-all-projects\/\"><em>P\u00e1gina de Proetos do NDB<\/em><\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Governance<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\"><em><u>Figure 1<\/u><\/em><em>: NDB Organization Chart<\/em><\/p>\n<p style=\"text-align: center;\"><em>Fonte: o autor baseado no\u00a0<\/em><a href=\"http:\/\/www.ndb.int\/\"><em>Site do NDB<\/em><\/a><a href=\"http:\/\/www.ndb.int\/\"><em>, n.d.<\/em><\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]NDB is managed by a Board of Directors and a Board of\u00a0Governors, both composed of five seats, each occupied by\u00a0a founding country. The presidency of the bank is rotating\u00a0and it is periodically occupied by a representative of one\u00a0of the BRICS members, while the others are responsible\u00a0for the nomination of the four vice-representatives (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">NDB, 2014, p. 5-6<\/a>).<\/p>\n<p><em><u>\u00a0<\/u><\/em>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Members of the Bank<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]NDB has only five members since its foundation: Federative\u00a0Republic of Brazil, Russian Federation, Republic of India,\u00a0People\u2019s Republic of China and Republic of South Africa.\u00a0Borrowing or non-borrowing membership, however, is open to any member of the United Nations, as long as the<br \/>\nterms and conditions set by a special majority at the Board\u00a0of Governors are met. The Board of Governors may accept\u00a0International Financial Institutions or countries interested in\u00a0becoming members as observers at its meetings (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">Acordo sobre o Novo Banco de Desenvolvimento<\/a><a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">, 2014<\/a>).[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Voting Structure<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]Voting power is based on the number of one\u2019s subscribed\u00a0share in the capital stock of the Bank, and the share of\u00a0the BRICS countries can never be below 55% of the total\u00a0votes. Currently, each of the five NDB members has equal\u00a0voting rights of 20% (<a href=\"http:\/\/www.ndb.int\/about-us\/organisation\/governance\/#shares\">NDB website, n.d.<\/a>)..<\/p>\n<p>In cases when the Agreement on the New Development\u00a0Bank (2014) does not foresee a qualified majority (two\u00a0thirds of the total voting power) or a\u00a0 special majority\u00a0(affirmative vote of four of the founding members concurrent\u00a0with a qualified majority), to a certain matter, the\u00a0decision is made based on a simple majority of the votes\u00a0cast (<a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">Acordo do Novo Banco de Desenvolvimento<\/a><a href=\"http:\/\/www.ndb.int\/wp-content\/themes\/ndb\/pdf\/Agreement-on-the-New-Development-Bank.pdf\">, 2014<\/a>).[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Parcerias<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]De acordo com o presidente do NDB, K. V. Kamath, o mandato do banco inclui coopera\u00e7\u00e3o com institui\u00e7\u00f5es similares para troca de conhecimento. Portanto, desde sua funda\u00e7\u00e3o, o NDB assinou Memorandos de Entendimento e acordos de coopera\u00e7\u00e3o com v\u00e1rios bancos multilaterais e nacionais de desenvolvimento, al\u00e9m de bancos comerciais nacionais (<a href=\"http:\/\/www.ndb.int\/partnerships\/partnership-approach\/\">NDB website, n.d.<\/a>).<\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>Socio-environmental Policy<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text]The NDB disclosed, in August 2016, a document elucidating\u00a0its socioenvironmental policy, which addresses questions\u00a0as:<\/p>\n<ul>\n<li>Mechanisms to identify and manage socioenvironmental\u00a0risks generated by projects funded by the\u00a0bank, based on the \u201cEquator Principles\u201d;<\/li>\n<li>Criteria for the approval of projects, including requirements\u00a0in three areas: (i) environmental, (ii) involuntary\u00a0displacement and (iii) indigenous people;<\/li>\n<li>Statement of adoption of the strengthening of national\u00a0systems\u2019 approach, locating the responsibility\u00a0for the conduction of socioenvironmental impact\u00a0analysis to the legal system and institutions of the\u00a0borrower country.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Responsibilities and the use of country systems<\/h3>\n<p>The burden of compliance with socio-environmental standards\u00a0is transferred to the client. This reduces the bank\u2019s\u00a0liability and accountability to the affected populations;<\/p>\n<p>Extensive use of country systems to achieve environmental\u00a0and social protection. However, the mechanisms for\u00a0strengthening such systems are not clear. Especially in the\u00a0case of NDB and AIIB, the parameters to which the systems\u00a0should be aligned are not specified.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Environmental Impacts<\/h3>\n<ul>\n<li>World Bank safeguards restrict interventions with biodiversity\u00a0loss.<br \/>\nAIIB only requires interventions named as \u201cacceptable to the\u00a0bank\u201d, with no greater detail.<\/li>\n<li>When the borrower undertakes measures to minimize adverse<br \/>\nimpacts and restore biodiversity, NDB allows interventions<br \/>\nwhere adverse impacts cannot be avoided.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Labor<\/h3>\n<ul>\n<li>The World Bank allows the development of alternative\u00a0mechanisms by workers to protect their rights, prohibiting\u00a0employers from restricting them in the case of the right to\u00a0freedom of association and collective bargaining.<\/li>\n<li>AIIB safeguards require compliance with the national laws\u00a0only, even when they are considered insufficient; AIIB also\u00a0presents the guarantee of certain worker\u2019s rights such as\u00a0the access to grievance mechanisms and non-discrimination\u00a0of private sector workers. According to Kim (<a href=\"http:\/\/The World Bank allows the development of alternative mechanisms by workers to protect their rights, prohibiting employers from restricting them in the case of the right to freedom of association and collective bargaining. \uf0d8AIIB safeguards require compliance with the national laws only, even when they are considered insufficient; AIIB also presents the guarantee of certain worker\u2019s rights such as the access to grievance mechanisms and non-discrimination of private sector workers. According to Kim (2016), this access can reduce protection to the public sector workers. \uf0d8NBD considers requirements of national laws and conventions of International Labor Organization. The bank highlights the necessity of measures \u201c(\u2026) to ensure project workers have safe and healthy working conditions (\u2026)\u201d and to prevent, for instance, accidents caused by the project (NDB, 2016, p. 19).\">2016<\/a>), this access\u00a0can reduce protection to the public sector workers.<\/li>\n<li>NBD considers requirements of national laws and conventions\u00a0of International Labor Organization. The bank highlights\u00a0the necessity of measures \u201c(\u2026) to ensure project\u00a0workers have safe and healthy working conditions (\u2026)\u201d and\u00a0to prevent, for instance, accidents caused by the project\u00a0(<a href=\"https:\/\/www.ndb.int\/wp-content\/uploads\/2017\/02\/ndb-environment-social-framework-20160330.pdf\">NDB, 2016, p. 19<\/a>).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Prohibited Projects<\/h3>\n<p>There is no inclusion of nuclear material in the AIIB and\u00a0NBD lists of prohibited projects, opening the possibility of\u00a0financing projects with high socio-environmental risk (<a href=\"https:\/\/www.devex.com\/news\/aiib-releases-draft-environmental-and-social-safeguards-opens-consultatio\">Santos,\u00a02015<\/a>).<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Involuntary Displacement<\/h3>\n<p>Victimizing the most vulnerable populations, AIIB and NDB\u00a0grant financial compensation flexibly for displaced people\u00a0without legal title to land (<a href=\"https:\/\/www.oxfam.org\/sites\/www.oxfam.org\/files\/file_attachments\/bn-australia-kimberley-land-rights-260916-en.pdf\">McCaul, 2016; Rosien, 2010)<\/a>.[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][\/vc_column][vc_column width=&#8221;1\/2&#8243;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][vc_column_text] New Development Bank &nbsp; Updated on January 2018 [\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][vc_column_text] Nature and Purpose [\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][vc_column_text] Establishment: Agreement on the New Development\u00a0Bank was signed&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-7955","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Development Bank - brq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricspolicycenter.org\/new-development-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Development Bank - brq\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_type=&#8221;row&#8221; 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