The New Development Bank (NDB) has given approval in principle for the first phase of the project aimed at the augmentation of water supply schemes in partially covered habitations of the state and provide 70 litres of water per head per day.

• An official spokesperson said a Tripartite Portfolio Review Meeting (TPRM) in this regard was held for the consideration of Himachal Pradesh Water Sector Project proposed under the New Development Bank (NDB) funding.
• He said the meeting was attended through video conference by officers of the Department of Economic Affairs, Ministry of Finance, New Development Bank officers and officers of Jal Shakti Vibhag.
• Following problems in the Northern Grid, water supply in Shimla has been affected.
• Against the normal supply of 40 million litres these days, the city received just 26.6 million litres from Friday morning to Saturday morning.

About New Development Bank

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

• According to the Agreement on the NDB, "the Bank shall support public or private projects through loans, guarantees, equity participation and other financial instruments."
• Moreover, the NDB "shall cooperate with international organizations and other financial entities, and provide technical assistance for projects to be supported by the Bank."
• The initial authorized capital of the bank is $100 billion divided into 1 million shares having a par value of $100,000 each.
• The initial subscribed capital of the NDB is $50 billion divided into paid-in shares ($10 billion) and callable shares ($40 billion).
• The initial subscribed capital of the bank was equally distributed among the founding members. The Agreement on the NDB specifies that every member will have one vote no one would have any veto powers.
• NDB is currently headquartered in BRICS Tower (former Oriental Financial Centre) in Shanghai
• The bank is headquartered in Shanghai, China. The first regional office of the NDB is in Johannesburg, South Africa.