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New Development Bank
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New Development Bank
Abbreviation
NDB, or NDB BRICS
Formation
July 2014 (Treaty signed)
July 2015 (Treaty in force)
Type
International Financial Institution
Legal status
Treaty
Headquarters
Shanghai, China
Membership
Brazil
Russia
India
China
South Africa
Official language
English
President
K.V. Kamath
Website
www.ndb.int
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v
t
e
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).[1] 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."[1]
The initial authorized capital of the bank is $100 bln divided into 1 mln shares having a par value of $100,000 each. The initial subscribed capital of the NDB is $50 bln divided into paid-in shares ($10 bln) and callable shares ($40 bln). The initial subscribed capital of the bank was equally distributed among the founding members. The Agreement on the NDB specifies that the voting power of each member will be equal to the number of its subscribed shares in the capital stock of the bank.[1]
NDB is currently headquartered in BRICS Tower (former Oriental Financial Centre) in Shanghai
The bank is headquartered in Shanghai, China.[2] The first regional office of the NDB is in Johannesburg, South Africa.[3]
Contents
[hide]
1 History
2 Structure and Objectives
2.1 Corporate Governance
2.2 Development capital
2.3 Objectives
3 Membership
4 Shareholding structure
5 Activities
5.1 Projects
5.2 Bonds
6 Relations With Other Institutions
6.1 Approach
6.2 Asian Development Bank
6.3 Asian Infrastructure Investment Bank
6.4 World Bank
7 Reception
7.1 Prominent Scholars
7.2 Officials
7.3 Bankers
8 Logo and Identity
9 See also
10 References
11 External links
History[edit]
The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. The creation of a new development bank was the main theme of the meeting.[4] BRICS leaders agreed to set up a Development bank at the 5th BRICS summit held in Durban, South Africa on 27 March 2013.[5] On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank.[1] In a separate agreement, a reserve currency pool worth $100 bln was set up by BRICS nations.[6] Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also signed.[7]
On 11 May 2015, K. V. Kamath was appointed as the President of the bank.[8]
The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank.
On 27 February 2016, the NDB signed Headquarters Agreement with the Government of the P.R.C. and the Memorandum of Understanding with Shanghai Municipal People’s Government concerning the arrangements in relation to Headquarters of the bank in Shanghai. The documents were signed on the sidelines of G20 Finance Ministers and Central Bank Governors meeting in Shanghai.[9][10]
According to the bank, most of the NDB policies and procedures for all functional areas were approved at the Board of Directors meeting in January 2016.[11]
In March 2016, the New Development Bank announced that it is planning to recruit 100 staff from BRICS countries by the end of 2016.[12]
On 19 July 2016, the NDB reported that it successfully issued the bank's first green financial bond with issue size of RMB 3 billion, tenor of 5 years in the China interbank bond market.[13]
On 20 July 2016, the first annual meeting of the NDB Board of Governors was held in Shanghai. The participants of the meeting discussed Bank's future work and development and gave a positive assessment to the bank's work. At the meeting, the first green financial bond issuance in Renminbi was highlighted as a milestone event for the NDB. It was decided that the next annual meeting of the board will be held in India in 2017.[14]
NDB Creation Milestones
In 2016, the NDB Board of Directors approved seven projects in all members of the bank involving financial assistance of over USD 1.5 bln.[15][16][17]
On 21 December 2016, the NDB signed its first loan agreement.[18]
Structure and Objectives[edit]
Corporate Governance[edit]
According to the Articles of Agreement, the main organs of the bank are:
Board of Governors
Board of Directors
President and Vice-Presidents
As of March 2018, the members of NDB Board of Governors are as follows:
Henrique de Campos Meirelles, Brazil's Minister of Finance
Anton Siluanov, Russia's Minister of Finance
Arun Jaitley, India's Minister of Finance, Corporate Affairs and Information & Broadcasting
Xiao Jie, China's Minister of Finance - Chairman of the Board of Governors
Malusi Gigaba, South Africa's Minister of Finance - Vice-Chairman of the Board of Governors
The NDB President will be elected on a rotational basis from one of the founding members, and there will be at least one Vice President from each of the other four founding members.[19]
K. V. Kamath, from India, is the first elected president of the NDB.
The first chair of the Board of Governors is from Russia and the first chair of the Board of Directors is from Brazil.[20]
Development capital[edit]
The bank's primary focus of lending will be infrastructure and sustained development projects [21][22] with authorized lending of up to $34 bln annually.[22] The bank will have starting capital of $50 bln, with capital increased to $100 bln over time.[23] Brazil, Russia, India, China and South Africa will initially contribute $10 bln each to bring the total to $50 bln.[23][24] Each member cannot increase its share of capital without all other four members agreeing. This was a primary requirement of India.[25][26] The bank will allow new members to join but the BRICS capital share cannot fall below 55%.[23]
Objectives[edit]
The bank aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable. Taking this into account, the main objectives of the NDB can be summarized as follows
Promote infrastructure and sustainable development projects with a significant development impact in member countries.
Establish an extensive network of global partnerships with other multilateral development institutions and national development banks.
Build a balanced project portfolio giving a proper respect to their geographic location, financing requirements and other factors.
Membership[edit]
The Agreement on the New Development Bank entered into force in July 2015, with the ratification of all five states that have signed it. The five founding members of the Bank include Brazil, Russia, India, China and South Africa.
Bank's Articles of Agreement specify that all members of the United Nations could be members of the bank, however the share of the BRICS nations can never be less than 55% of voting power.
Expanding the NDB's membership is considered by some experts to be crucial to its long-term development by helping boost the bank’s business growth.[27] According to the NDB vice-president Zhu Xian, it is very likely that new members will join the bank in 2017 or 2018. He noted that the expansion of membership is unlikely in 2016, as it takes time to go through procedures and discussions with interested countries.[27]
Shareholding structure[edit]
According to Articles of Agreement of the New Development Bank, the initial authorized capital of the bank is divided into 1 mln shares, having a par value of $100,000. The value of one share is also the minimum amount to be subscribed for participation by a single country. Attachment 1 to this document states that each founding member of the bank will initially subscribe 100,000 shares, in a total of $10 bln, of which 20,000 shares correspond to paid-in capital, in a total of $2 bln and 80,000 shares correspond to callable capital, in a total of $8 bln.[1]
Equal distribution of shares between the shareholders of the NDB
The current distribution of shares between NDB member countries is presented in the following table.
Countries by Shareholding at the New Development Bank
Country
Number of
Shares
Shareholding
(% of Total)
Voting Rights
(% of Total)
Authorised Capital
(bln USD)
Brazil 100,000 20 20 10
Russia 100,000 20 20 10
India 100,000 20 20 10
China 100,000 20 20 10
South Africa 100,000 20 20 10
Unallocated Shares 500,000 - - 50
Grand Total 1,000,000 100 100 100
Activities[edit]
Projects[edit]
The BRICS New Development Bank is planning to give a priority to projects aimed at developing renewable energy sources. As it was stated by the NDB Vice President, the Bank wants to cooperate with other institutions in accelerating ‘green’ financing expansion and promoting environment protection. He also pointed out that the NDB is planning to finance one project from each member state with the money raised via its first bond issue.[28]
The NDB has expressed interest in funding projects that conform to high environmental standards, including those in the field of infrastructure, such as energy, railways and highways in the future.[29] At the same time, according to K. V. Kamath, the President of the NDB, one of the key strategies of the bank will be financing profitable projects (bankable) with return on capital.[30][31] The NDB wants "to fund projects that are creative and bring benefits to the local people and environment", said Vice President Zhu Xian.[32]
The leadership of the member countries task the bank with developing a strong pipeline of projects and responding in a fast and flexible manner to aspirations and interests of its members.[33]
In 2016, the NDB Board of Directors approved loans for 7 projects in all members of the bank for the total amount of over USD 1.5 bln.
On 21 December 2016, the NDB signed its first loan agreement. The loan agreement approving the provision of RMB 525 mln sovereign project loan for the Bank's first project in China (Shanghai Lingang Distributed Solar Power Project) was signed by the Chinese Vice Minister of Finance Shi Yaobin and the NDB President K.V.Kamath.[34]
The NDB plans to approve USD 2.5 bln of loans in 2017.[32]
On 30 March 2017, the NDB and the Indian government signed a loan agreement approving the provision of USD 350 mln for Madhya Pradesh major district roads upgrade project.[35]
Loan agreement for the first Brazilian project was signed on 26 April 2017. The loan with the amount of USD 300 mln aiming at developing the renewable energy sector in Brazil will be provided to BNDES, national development bank.[36]
Projects Supported by the NDB in 2016
Country
Loan Amount
Sov. / Non-sov.
Borrower
Guarantor
End-user / Onlendee
Modality
Target Sector
Impact
Brazil USD 300 mln Non-sovereign BNDES - Sub-projects - National financial intermediary
- Two step loan
Renewable energy
(wind, solar etc.)
- 600 MW renewable energy
- Avoided 1 mln t CO2/year
Russia USD 100 mln Non-sovereign EDB / IIB - - Nord Hydro-Bely Porog
- Other subprojects
- National financial intermediary
- Two step loan
- Renewable energy (hydropower)
- Green energy
- 49.8 MW renewable energy
- Avoided 48 000 t CO2/year
India USD 250 mln Sovereign guaranteed Canara Bank Government of India Sub-projects - Sovereign guaranteed
- 3 transactions
Renewable energy
(wind, solar etc.)
- 500 MW renewable energy
- Avoided 815 000 t CO2/year
India USD 350 mln Sovereign Government of India - Government of Madhya Pradesh Sovereign project finance facility Upgrading Major District Roads - About 1,500 km of MDRs will be upgraded
China RMB 525 mln
(USD 81 mln)
Sovereign PRC Government - Shanghai Lingang Hongbo New Energy Development Co. Ltd. Sovereign project loan Renewable energy
(solar roof-top PV)
- 100 MW solar energy
- Avoided 73 000 t CO2/year
China RMB 2 bln (USD 298 min) Sovereign PRC Government - Fujian Investment and Development Group Project Loan Renewable energy (wind power) - 250 MW wind energy
- avoided 869 900 t CO2/year
South Africa USD 180 mln Sovereign guaranteed ESKOM Government of RSA ESKOM Sovereign guaranteed project loan Renewable energy (transmission) - 670 MW renewable energy evacuated (transmitted)
- Avoided 1,3 mln t CO2/year
Source: NDB Handout materials, Press Release of the NDB (22 November 2016)
Projects Supported by the NDB in 2017
Country
Loan Amount
Sov. / Non-sov.
Borrower
Guarantor
End-user / Onlendee
Modality
Target Sector
Impact
India USD 470 mln Sovereign Government of India - Government of Madhya Pradesh Sovereign project loan Water supply and sanitation, rural development - Project covers more than 3400 villages and is expected to benefit over 3 mln rural population
China RMB 2 bln (USD 300 mln) Sovereign PRC Government - Sub-project PIUs in Changhsha, Zhuzhou and Xiangtan Sovereign project finance facility Water, sanitation and flood control, environment - Improved water quality and food control in the main streams and tributaries of Xiang River
China USD 200 mln Sovereign PRC Government - Government of Jiangxi Province Sovereign project finance facility Energy conservation - Savings of more than 95 000 tons of coal equivalent
- Annual CO2 emissions reduction of 263 476 t
Russia USD 460 mln Sovereign Government of Russia - Beneficiaries: Supreme Court, Moscow City Court and District Courts, Federal Bailiffs Service Sovereign project loan Social infrastructure - Increased judicial transparency and efficiency, and enhanced protection of judicial rights of citizens of the country
Source: NDB Handout materials, NDB website
Bonds[edit]
In March 2016, the NDB announced that it will do a bond issue in China to raise funding domestically on the Chinese market. The bond issue is likely to happen in the second quarter of the year 2016, said the NDB Vice President Leslie Maasdorp. He added the bank is starting to finalize the exact size of this bond issue.[28]
On 18 July 2016 the NDB successfully issued its first green financial bond with issue size of RMB 3 billion, tenor of 5 years in China onshore interbank bond market. The bond's nominal interest rate is 3.07%. The bank became the first international financial institution that issued a green financial bond in the China onshore bond market. The proceeds of the bond will be used for infrastructure and sustainable development projects in the member countries.[37]
Relations With Other Institutions[edit]
Approach[edit]
The Articles of Agreement of the bank say that the NDB was established to complement the existing efforts of multilateral and regional financial institutions for global growth and development. Moreover, the NDB is authorized by its founders to cooperate within its mandate with other international organizations, as well as national entities (public or private), in particular with international financial institutions and national development banks.[1]
The NDB President K.V.Kamath stresses that the bank regards other international financial institutions, including IMF and World Bank as partners, not rivals.[38]
Asian Development Bank[edit]
In July 2016, the NDB signed with Asian Development Bank (ADB) a memorandum of understanding on strategic cooperation. The two institutions expressed willingness to work together through co-financing and knowledge exchanges in areas including sustainable development projects in renewable energy, energy efficiency, clean transportation, sustainable water management, and sewage treatment.[39]
Asian Infrastructure Investment Bank[edit]
Although some analysts hypothesize that Asian Infrastructure Investment Bank (AIIB) and the NDB would compete with one another, currently there is no evidence of competition among these institutions.
Talking about the relations with AIIB, officials from the NDB's member-states point out the difference in the member-states of the NDB and AIIB as well as a potential to complement in working together to meet development and infrastructural needs.[40]
According to a representative of the Bank's management, the NDB and AIIB are sister institutions in many respects. These two banks have complementary mandates and different geographic focuses, with the NDB being more focused on BRICS countries. At the same time, there is a certain overlapping between mandates of the NDB and the AIIB, as both of them are aimed at developing infrastructure and pay a special attention to sustainable development. However, due to the fact that current financing and investment patterns are inadequate in meeting investment needs, there is "space for newcomers", he said.[41]
In February 2016, the president of the NDB dismissed concerns over overlapping of interests of China-backed Asian Infrastructure Investment Bank (AIIB) and the NDB.[42]
World Bank[edit]
According to media reports, other multilateral development institutions, including the World Bank Group (WBG), have expressed an intention to work together with the NDB.[43]
In September 2016, NDB and World Bank Group signed a memorandum of understanding on cooperation and it was announced that the NDB and WBG’s cooperative efforts will focus primarily on infrastructure.[44]
Reception[edit]
Prominent Scholars[edit]
In July 2014, Nobel Prize winning economist Joseph Stiglitz said the NDB marks a "fundamental change in global economic and political power." In his opinion, "The existing institutions just don’t have enough resources."[45]
Officials[edit]
Chinese Premier Li Keqiang called the opening of the NDB an "important step forward" in cooperation among BRICS countries. "This is great progress in financial cooperation among developing countries and emerging economies, as well as a helpful supplement to the global financial system," Li Keqiang said at a meeting with K. V. Kamath in Beijing in July, 2015.[46]
China Finance Minister Lou Jiwei said that the establishment of the NDB and the Beijing-led AIIB would encourage existing multilateral institutions to do better. At a news conference at the conclusion of the G20 meeting of finance ministers and central bank governors in Shanghai he added that the New Development Bank could help drive aggregate global demand.[47]
Bankers[edit]
8 July 2015, VTB CEO Andrey Kostin said that the NDB is "important because it’s a first institution created by the BRICS countries." "Actually we are talking about the institutionalization of the BRICS process, and that’s quite important I think. It’s a permanent working instrument which will be working every day and which will be in the heart of BRICS cooperation," he added.
According to former Reserve Bank of India governor Raghuram Rajan, the NDB "Is a co-operative effort between all BRICS countries." "We have already reached contingency reserve agreement (CRA). This is second. Let’s see how it develops. Lots of hopes embedded in it for greater cooperation (among the) BRICS countries," he told reporters in February 2016.[48]
Logo and Identity[edit]
The logo of the NDB in the bank's HQ in Shanghai
The logo of the New Development Bank borrows from the mathematical concept of a Mobius strip that symbolizes the idea of continuous transformation. Its nature is not to disrupt but drive change in the existing system from within.[49][50]
The logo consists of a triangle in motion at one end signifying balanced evolution. The other end, moving in the opposite direction, is a propeller that represents speed and dynamism. These two entities are held together by a wireframe, the skeletal basic of infrastructure. The logo is rendered in gradient of green that symbolizes sustainability. This constant motion symbolizes the values that the bank strives to live by – agility, innovation and continuous transformation.[51]
See also[edit]
BRICS Contingent Reserve Arrangement
Asian Infrastructure Investment Bank
One Belt, One Road initiative
References[edit]
^ Jump up to: a b c d e f "Agreement on the New Development Bank – Fortaleza, July 15" (PDF). NDB Official Website. 15 July 2014.
Jump up ^ Lewis, Jeffrey; Trevisani, Paulo. "Brics Agree to Base Development Bank in Shanghai". The Wall Street Journal. Retrieved 16 July 2014.
Jump up ^ "Brics Bank now hiring in Johannesburg". Times LIVE. 7 March 2016. Retrieved 13 March 2016.
Jump up ^ "BRICS Summit 2012: A long Journey to cover; Overview, Outcomes and Expectations". The World Reporter. 31 March 2012. Retrieved 31 March 2012.
Jump up ^ Powell, Anita. "BRICS Leaders Optimistic About New Development Bank". Voice of America. Retrieved 27 March 2013.
Jump up ^ "Brics nations to create $100bn development bank". BBC.com. 15 July 2014
Jump up ^ "BRICS establish $100bn bank and currency reserves to cut out Western dominance". RT.com. 15 July 2014
Jump up ^ "K V Kamath, non-executive chairman of ICICI, is now BRICS Bank head". Hindustan Times. New Delhi. 11 May 2015. Retrieved 16 May 2015.
Jump up ^ "NDB Official Website - Newsroom - Press Releases -- The New Development Bank Signed Headquarters Agreement with the Government of the People's Republic of China". Retrieved 11 April 2016.
Jump up ^ CCTV+ (2016-02-28), BRICS Countries Sign HQ Agreement, MOU for New Development Bank, retrieved 2016-04-11
Jump up ^ NDB Press Release entitled "Press Conference by NDB on the Eve of Signing Headquarters Agreement with Government of China" (http://www.ndb.int)
Jump up ^ "Recruitment drive begins at BRICS Development Bank - SA News". www.sanews.gov.za. Retrieved 2016-04-07.
Jump up ^ "NDB Successfully Issued First RMB-denominated Green Financial Bond". www.ndb.int. Retrieved 2016-08-15.
Jump up ^ "NDB boards congratulate bank on its progress at the first annual meeting". www.ndb.int. Retrieved 2016-08-15.
Jump up ^ "BRICS bank to allocate $100 mln for financing small-scale energy project in Karelia". www.ndb.int. Retrieved 2016-08-15.
Jump up ^ "First Set of Loans Approved by the Board of Directors of the New Development Bank". www.ndb.int. Retrieved 2016-08-15.
Jump up ^ "NDB BOARD OF DIRECTORS APPROVES LOANS FOR TWO PROJECTS IN CHINA AND INDIA DURING 7TH MEETING IN SHANGHAI". www.ndb.int. Retrieved 2016-11-28.
Jump up ^ "NDB SIGNS FIRST LOAN AGREEMENT FOR FINANCING SHANGHAI LINGANG DISTRIBUTED SOLAR POWER PROJECT". www.ndb.int. Retrieved 2016-12-30.
Jump up ^ "Agreement on the New Development Bank". University of Toronto. BRICS Information Centre. 15 July 2014. Retrieved 16 March 2016.
Jump up ^ Ebeling, Paul (20 March 2016). "BRICS New Development Bank Launched In Shanghai". Live trading news. Archived from the original on 22 March 2016. Retrieved 21 March 2016.
Jump up ^ "What the new bank of BRICS is all about". The Washington Post. 17 July 2014. Retrieved 20 July 2014.
^ Jump up to: a b "New BRICS Bank a Building Block of Alternative World Order". The Huffington Post. 18 July 2014. Retrieved 20 July 2014.
^ Jump up to: a b c "BRICS Bank ready for launch - Russian Finance Minister". Russia & India Report. 10 July 2014. Retrieved 20 July 2014.
Jump up ^ "BRICS countries launch $100 billion developmental bank, currency pool". Russia & India Report. 16 July 2014. Retrieved 20 July 2014.
Jump up ^ "Indian media: Brics bank 'a step in right direction'". BBC. 16 July 2014. Retrieved 20 July 2014.
Jump up ^ "Victory for Modi, India as BRICS summit clears setting up of a new development bank". India Today. 16 July 2014. Retrieved 20 July 2014.
^ Jump up to: a b "BRICS New Development Bank hopes to expand by drawing other nations as members". Retrieved 2016-08-24.
^ Jump up to: a b "BRICS Bank to prioritize renewable energy projects — official". TASS. Retrieved 2016-03-24.
Jump up ^ "New Development Bank defines its brand identity as an eco-friendly lender". The Hindu. 2016-07-21. ISSN 0971-751X. Retrieved 2016-08-24.
Jump up ^ "BRICS set to create new financial architecture". Russia & India Report. 22 June 2015. Retrieved 27 March 2016.
Jump up ^ "World Bank & IMF 'corroded' - Jim Rogers to RT". RT News. 18 June 2015. Retrieved 27 March 2016.
^ Jump up to: a b F_200762. "BRICS New Development Bank aims to offer 2.5 bln USD of loans in 2017 - People's Daily Online". en.people.cn. Retrieved 2016-11-28.
Jump up ^ "NDB should focus on creating strong project pipeline: Finance Minister Jaitley". 2016-07-21. Retrieved 2016-08-24.
Jump up ^ "NDB SIGNS FIRST LOAN AGREEMENT FOR FINANCING SHANGHAI LINGANG DISTRIBUTED SOLAR POWER PROJECT". www.ndb.int. Retrieved 2016-12-30.
Jump up ^ "NDB and Government of India Sign Loan Agreement for Financing Madhya Pradesh Major District Roads Upgrade Project - New Development Bank". New Development Bank. Retrieved 2017-03-31.
Jump up ^ "NDB Signs First Loan Agreement in Brazil for Financing Renewable Energy Projects - New Development Bank". New Development Bank. Retrieved 2017-04-28.
Jump up ^ "NDB Successfully Issued First RMB-denominated Green Financial Bond". www.ndb.int. Retrieved 2016-08-16.
Jump up ^ "Not here to compete with IMF, World Bank: NDB chief KV Kamath - The Economic Times". Retrieved 2016-08-30.
Jump up ^ "President of the New Development Bank K. V. Kamath Met President of the Russian Federation Vladimir Putin". www.ndb.int. Retrieved 2016-08-26.
Jump up ^ "No competition between BRICS bank and AIIB – Russian deputy foreign minister". Retrieved 2016-08-25.
Jump up ^ "5 Minutes with Leslie Maasdorp of the New Development Bank – Insight". Insight. Retrieved 2016-03-29.
Jump up ^ "First Brics bank loan to India likely for solar project: Kamath - Times of India". The Times of India. Retrieved 2016-03-18.
Jump up ^ "China Headlines NDB president says to work with AIIB, hails bloc's significance - Xinhua". news.xinhuanet.com. Retrieved 2016-03-30.
Jump up ^ "World Bank Group, New Development Bank Lay Groundwork for Cooperation - New Development Bank". New Development Bank. Retrieved 2017-04-28.
Jump up ^ "Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging U.S.-Dominated World Bank & IMF". Democracy Now!. Retrieved 2016-03-16.
Jump up ^ "NDB president says to work with AIIB - China.org.cn". www.china.org.cn. Retrieved 2016-03-30.
Jump up ^ "China finmin says establishment of NDB may help drive global demand". Reuters. 2016-02-27. Retrieved 2016-03-18.
Jump up ^ "BRICS bank a 'worthwhile venture', off to good start: RBI guv Rajan". Hindustan Times. Retrieved 2016-03-18.
Jump up ^ "DY Works bags integrated branding rights for BRICS bank". timesofindia-economictimes. Retrieved 2016-04-04.
Jump up ^ "New Development Bank | DYWORKS". dyworks.in. Retrieved 2016-04-04.
Jump up ^ "Our Identity | New Development Bank". www.ndb.int. Retrieved 2016-04-04.
External links[edit]
The official website of the New Development Bank
Newsroom section on the official website of the New Development Bank
The official account of the NDB at LinkedIn
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Billie Thomas
From Wikipedia, the free encyclopedia
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For other people with the same name, see William Thomas (disambiguation).
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Billie "Buckwheat" Thomas
Thomas as "Buckwheat" in Our Gang Follies of 1938
Born
William Thomas Jr.
(1931-03-12)March 12, 1931
Los Angeles, California
Died
October 10, 1980(1980-10-10) (aged 49)
Los Angeles, California
Occupation
Child actor
Years active
1935–1944
William Thomas Jr. (March 12, 1931 – October 10, 1980), known as Billie Thomas, was an American child actor best remembered for portraying the character of Buckwheat in the Our Gang (Little Rascals) short films from 1934 until the series' end in 1944. He was a native of Los Angeles, California.
Contents
1 Our Gang
2 Later life
2.1 Sons of the Desert Convention
3 Death
4 Legacy
5 Controversies
6 References
7 External links
Our Gang[edit]
Billie Thomas first appeared in the 1934 Our Gang shorts For Pete's Sake!, The First Round-Up, and Washee Ironee as a background player. The "Buckwheat" character was a female at this time, portrayed by Our Gang kid Matthew "Stymie" Beard's younger sister Carlena in For Pete's Sake!, and by Willie Mae Walton in three other shorts.
Thomas began appearing as "Buckwheat" with 1935's Mama's Little Pirate. Despite Thomas's being a male, the Buckwheat character remained a female—dressed as a Topsy-esque image of the African-American "pickaninny" stereotype with bowed pigtails, a large hand-me-down sweater and oversized boots. After Stymie's departure from the series later in 1935, the Buckwheat character slowly morphed into a boy, first referred to definitively as a "he" in 1936's The Pinch Singer. This is similar to the initial handling of another African-American Our Gang member, Allen "Farina" Hoskins, who worked in the series during the silent and early sound eras.[1]
Despite the change in the Buckwheat character's gender, Billie Thomas's androgynous costuming was not changed until his appearance in the 1936 film Pay as You Exit. This new costuming—overalls, striped shirt, oversized shoes, and a large unkempt Afro—was retained for the series until the end. The reason for the change in appearance was so he could portray a runaway slave from late 1936's Our Gang feature film General Spanky.[1]
Thomas remained in Our Gang for ten years, appearing in all but one of the shorts, Feed 'em and Weep (due to sickness when Philip Hurlic filled in for him), made from Washee Ironee in 1934 through the series' end in 1944. During the first half of his Our Gang tenure, Thomas's Buckwheat character was often paired with Eugene "Porky" Lee as a tag-along team of "little kids" rallying against (and often outsmarting) the "big kids", George "Spanky" McFarland and Carl "Alfalfa" Switzer. Thomas had a speech impediment as a young child, as did Lee, who became Thomas's friend both on the set and off. The "Buckwheat" and "Porky" characters both became known for their collective garbled dialogue, in particular their catchphrase, "O-tay!" originally uttered by Porky, but soon used by both characters.[1]
Thomas remained in Our Gang when the series changed production from Hal Roach Studios to Metro-Goldwyn-Mayer in 1938. Thomas was the only Our Gang cast member to appear in all 52 MGM Our Gang shorts, and was also the only holdover from the Hal Roach era to remain in the series until its end in 1944. By 1940, Thomas had grown out of his speech impediment, and with Lee having been replaced by Robert Blake, Thomas's Buckwheat character was written as an archetypal black youth. He was twelve years old when the final Our Gang film, Dancing Romeo, was completed in November 1943.
The character of Buckwheat in later years became synonymous with the derogatory "pickaninny" stereotype.[2][3] However, Thomas' and the other black cast members' work as actors is credited with helping the cause of race relations by playing alongside white children as equals in a desegregated show during the height of the Jim Crow Era.[4] According to Julia Lee, author of Our Gang: A Racial History of The Little Rascals, Thomas and the others were "considered saviors in many ways" by the black community as the most popular black stars in the United States during the 1920s and 30s.[4] Later, during the 1950s and 60s, the NAACP fought against the tired and demeaning racial stereotypes and moved to have the television series ended.[4][5]
Later life[edit]
Thomas enlisted in the US Army in 1954 at the age of 23, and was released from active military service in 1956 decorated with a National Defense Service Medal and a Good Conduct Medal.
After returning to civilian life, Thomas faced a dilemma shared by many of his co-stars from Our Gang. Though offered many film and stage roles, he had no desire to return to Hollywood as an actor. “After the Army, I wasn't really interested in the hassle of performing," he explained shortly before his death in 1980. "Even the big stars had to chase around and audition; it seemed like a rat race to me, with no security."[1] However, Thomas still enjoyed the film industry at large, and had a successful career as a film lab technician with the Technicolor corporation. He took his experience in film work as a spark to learn the trade of film editing and cutting.[1]
Sons of the Desert Convention[edit]
In 1980, the Second International Convention of The Sons of the Desert took place at the Los Angeles Hilton Hotel, with more than 500 fans in attendance. Several days were spent touring famous Hollywood attractions, and then the highlight of the gathering took place in the hotel ballroom. Among those honored were fellow Our Gangers Spanky MacFarland, Dorothy DeBorba, Tommy Bond, and Joe Cobb. When Thomas was brought out, he received a spontaneous standing ovation, and was moved to tears.[1]
Death[edit]
Thomas died of a heart attack in his Los Angeles apartment on October 10, 1980, 46 years to the day after his mother brought him to audition at the Hal Roach Studios.[1] Thomas is buried at Inglewood Park Cemetery in Inglewood, California.[6]
Legacy[edit]
In 1992, Thomas' son, Bill Thomas Jr. created the Buckwheat Memorial Scholarship for students at California State University Northridge in his honor.[7]
Controversies[edit]
The comedian and comedy actor Eddie Murphy performed a series of Buckwheat sketches on Saturday Night Live during the 1980s, when he was a cast member.[8] But Thomas's co-star George McFarland, who played "Spanky" in the Little Rascals, made it clear that he hated Murphy's imitations. "I didn't care for them a bit," he complained of them. "Mr. Murphy did a very poor imitation. He made Buckwheat into a stereotype that he wasn't, at the expense of the people in his family who are still alive."[8] (In a sketch performed on the show in 1983, Murphy literally killed off the Buckwheat character by having him "assassinated" by John David Stutts [also played by Murphy], who is himself killed by an unknown assailant. The sketch was largely a parody of the deaths of John F. Kennedy and Lee Harvey Oswald, as well as of TV news coverage in general.)
In 1990, the ABC newsmagazine 20/20 aired a segment featuring a man named Bill English, then a grocery bagger in Arizona who claimed to be the adult Buckwheat. English's appearance prompted public objections from McFarland, who contacted media outlets following the broadcast to declare that he knew the true Buckwheat to have been dead for ten years. Confronted directly by McFarland on the television newsmagazine A Current Affair, English refused to retreat from his claim, maintaining that he had originated the role of Buckwheat, with other actors playing the character only after he had left it. The next week, 20/20 acknowledged, on-air, that English's claim had been false and apologized for the interview. Fallout from this incident included the resignation of a 20/20 producer[9] and a negligence lawsuit filed by the son of William Thomas.[10]
References[edit]
^ Jump up to: a b c d e f g Maltin, Leonard and Bann, Richard W. (1977, rev. 1992). The Little Rascals: The Life and Times of Our Gang, p. 268. New York: Crown Publishing/Three Rivers Press. ISBN 0-517-58325-9
Jump up ^ Jackson, Ronald L. (2006). Scripting the Black Masculine Body: Identity, Discourse, and Racial Politics. Albany: State University of New York. p. 27. ISBN 9780791466254.
Jump up ^ Pilgrim, David (October 2000). "The Picaninny Caricature". Jim Crow Museum. Ferris State University. Retrieved 2 May 2018.
^ Jump up to: a b c Siegel, Robert (25 December 2015). "'Our Gang' Chronicles Lives Of African-American Actors In 'The Little Rascals'". All Things Considered. National Public Radio. Retrieved 2 May 2018.
Jump up ^ Lee, Julia (30 December 2015). Our Gang: A Racial History of The Little Rascals. University Of Minnesota Press. ISBN 978-0816698226.
Jump up ^ "Spanky" McFarland discusses Buckwheat in a 1987 appearance on YouTube
Jump up ^ Wallace, Amy (8 November 1992). "Scholarship Keeps Controversial Image in the Spotlight : Education: Despite criticism, the son of the actor who played Buckwheat sees grant as a way to preserve his father's legacy". Los Angeles Times. Retrieved 2 May 2018.
^ Jump up to: a b Gehrt, Vicki. "His gang Spanky McFarland remembers his long stint as a `Little Rascal'", Chicago Tribune (1993-03-26).
Jump up ^ "'20/20' Producer Resigns Over Buckwheat Interview." Los Angeles Times. Oct. 12 1990. Part F. Page 25.
Jump up ^ Staff reporter (December 19, 1991). "Buckwheat actor's son sues ABC over phony". Associated Press via The Bulletin. Retrieved May 18, 2014.
External links[edit]
Biography portal
Billie "Buckwheat" Thomas on IMDb
Billie "Buckwheat" Thomas at the TCM Movie Database
Billie "Buckwheat" Thomas at AllMovie
"Otay!" The Billy "Buckwheat" Thomas Story
William "Buckwheat" Thomas at Find a Grave
The Sons of the Desert Convention/Our Gang Reunion
Yes, I Met Buckwheat

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