The NDB was established by BRICS countries to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
The Africa Regional Centre of the New Development Bank was launched on Aug 17 in South Africa. According to South African President Jacob Zuma, the launch of the ARC of NDB is "a historic occasion as it marks the strengthening of the BRICS formation and also underlines the BRICS commitment to the development of the African continent and emerging markets".
NDB obtained a domestic AAA credit rating with a stable outlook in China from China Cheng Xin International Credit Rating Co Ltd, and Lianhe Credit Rating Co Ltd, two of the leading domestic rating agencies.
According to CCXI and Lianhe Credit Rating Co, the main credit strengths of the NDB include "strong support from its founding members given NDB's political and economic importance, a high level of paid-in capital and its timely infusion, great potential for future business growth in developing countries and emerging markets, and a sophisticated governance structure and risk management system".
