New Development Bank Articles of Agreement

The New Development Bank (NDB) was established in 2015 by Brazil, Russia, India, China, and South Africa, also known as the BRICS countries. The bank was created with the primary purpose of providing loans to developing countries for infrastructure and sustainable development projects. The NDB operates under the principles of transparency, sustainability, and good governance.

The Articles of Agreement are the founding document of the NDB and govern its operations. After several rounds of negotiations, the final version of the Articles of Agreement was signed by the founding members on July 15, 2014. The agreement outlines the objectives, governance structure, and operational framework for the NDB.

One of the key objectives of the NDB is to provide financial resources for infrastructure and sustainable development projects in its member countries. The bank aims to promote economic growth, create employment opportunities, and reduce poverty in these countries.

The governance structure of the NDB is based on the principle of equal representation of all member countries. Each member country has one vote, and important decisions require the approval of at least four of the five members. This ensures that the decision-making process is democratic and transparent.

The Articles of Agreement also outline the operational framework for the NDB. The bank is authorized to lend funds to public and private entities in its member countries for infrastructure and sustainable development projects. The NDB is also authorized to issue bonds and other financial instruments to raise funds for its lending operations.

The NDB has made significant progress since its establishment in 2015. It has approved loans worth billions of dollars for infrastructure and development projects in member countries, including renewable energy, transportation, and urban development. The bank has also established partnerships with international organizations to promote sustainable development and reduce poverty in member countries.

In conclusion, the Articles of Agreement are an important document that outlines the objectives, governance structure, and operational framework for the New Development Bank. The bank has made significant progress in promoting sustainable development and reducing poverty in member countries since its establishment. As a multilateral development bank, the NDB plays a vital role in supporting economic growth and creating employment opportunities in developing countries.