adoption of ‘one-nation one-vote’ prescription for the proposed bank.

♤ In comparison the Bretton-Woods institutions — the World Bank and the International Monetary Fund — have structures that aren’t equitable, to say the least.

♤ The inaugural meeting of the Board of Governors of the NDB was chaired by Russia and held on the eve of the Ufa Summit on 7 July 2015, when the Bank formally came into existence as a legal entity. During the meeting, the appointment of the President, Mr. K.V. Kamath, as well as four Vice Presidents and the Board of Directors took place.

♤ With the Headquarters being setup in Shanghai China, on 27 February 2016, the NDB became fully operational.

♤ The Bank has committed USD$1.5 billion in loans to member countries so far, with a strong emphasis on renewable energy. Furthermore, plans are on track to reach the target $2.5 billion of loan commitments by end of 2017. This will pave the way to reach between $10 billion and 15 billion of loans by 2021.

♤ The creation of the NDB happened in the context of a real and continuing power shift in the international system from the developed industrialized world towards emerging market economies.