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Аnnual meeting of the Board of governors New Development Bank

On May 28-29, 2018 the Shanghai financial center hosted the Third Annual Meeting of the NDB (New Development Bank) Board of Governors featuring the leaders of BRICS countries.

(The agreement of NDB establishment was signed on July 16, 2014 in Brazil at the BRICS Summit, the Bank sees itself as alternative to IMF).

 At the meeting the BRICS countries were represented by: Mr. Marcello de Moura Estevão Filho, Secretary for International Affairs, Ministry of Finance, Brazil; Mr. Sergei Storchak, Deputy Minister of Finance, Russia; Mr. M. M. Kutty, Special Secretary, Department of Economic Affairs, Ministry of Finance, India; Mr. Kun Liu, Minister of Finance, China; and Mr. Nhlanhla Nene, Minister of Finance, South Africa.

 The event was held at governmental level in cooperation with development institutes. The Meeting focused on digital technologies in public-private partnership and social processes. The event saw delegates from social organizations, mass media, scientific sector, governments and businesses of BRICS countries.

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The President of NDB Mr. K.V. Kamath pointed out the main development trends of the Bank including investments in new technologies, green projects, poverty combating and sustainable development.

 The mayor of Shanghai Mr. Ying Yong delivered an interesting speech about the goals of the city administration including automatization, use of new technologies in financial activity and money transfer. Today fully automated are: public services payment, public transport fares, crime control, public security, use of security observing system with scans of emotional state of a person. There are about 10 million video cameras in the city. A good example of automatization is the deep-water port Yangshan Port – the first project of remotely piloted equipment. Another well developing area is car- and other vehicles sharing.

The representative of Russia Mr. Sergei Storchak, Deputy Minister of Finance, assessed the current situation and gave an outlook of the future:

-          In the 17th century – one profession for several generations;

-          In the 18th century - one profession for two generations;

-          In the 19th and 20th century - one profession for one generation;

-          In the 21st century – seven professions for one person.

Honorable guest, the President of the Republic of Tatarstan Rustam Minnikhanov was right to say that “now cities compete for comfortable space, wide opportunities, high security standards and facilities. Professional will go not to a city or a company, but to a certain polis, which can give them better opportunities for growth”. 

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FBA EAC was represented at the event by Eugeniy Bazhov, Head of Representative office in China. He spoke about current activity of the Association and passed invitations for the annual Moscow Financial and Economic Forum (November, 2018) to Mr. Kun Liu, Minister of Finance, China and to the NDB President Mr. K.V. Kamath.