Strengthening Cooperation and Trust in a Changing World
His Excellency the President of the Federative Republic of Brazil, Luiz Inácio Lula da Silva,
Excellencies, Members of the Board of Governors of the New Development Bank,
Members of the Board of Directors of the New Development Bank,
Fernando Haddad, Minister of Finance of the Federative Republic of Brazil,
Anton Siluanov, Governor for the Russian Federation, Nirmala Sitharaman, Governor for the Republic of India,
Fo’an Lan, Governor for the People’s Republic of China,
Enoch Godongwana, Governor for the Republic of South Africa,
Salehuddin Ahmed, Governor for the People’s Republic of Bangladesh,
Mohamed Bin Hadi Al Hussaini, Governor for the United Arab Emirates,
Dr. Rania Al-Mashat, Governor for the Arab Republic of Egypt,
Honorable Ministers and Distinguished Guests, Ladies and Gentlemen,
Ten years ago, the leaders of the BRICS countries laid the foundation for a new kind of multilateral development bank—one guided by cooperation, equality, and mutual respect, in contrast to top-down approaches and imposed conditionalities.
The creation of the New Development Bank was more than an institutional milestone. It was a political statement—a declaration that the Global South would no longer be a passive recipient of externally imposed development models, but rather an active architect of its own future.
Since its inception, the NDB has been built on a clear premise: that countries in the Global South have both the right and the capacity to define their own development paths. Infrastructure, industrial and technological modernization, and sustainability should be financed not through the imposition of uniform models, but by promoting social justice and advancing sovereignty. The NDB was created as an alternative—and more importantly, as an affirmation of the principle that development must be sustainable, inclusive, resilient, and sovereign.
We celebrate the Bank’s first decade not only with pride but also with a renewed sense of purpose. The world today is not the same as it was in 2015. It is more fragmented, more unequal, and more vulnerable to overlapping crises—climate, economic, and geopolitical.
Multilateralism is under pressure. We are witnessing a decline in cooperation and a resurgence of unilateralism. Tariffs, sanctions, and financial restrictions are being used as tools of political subordination. Global supply chains are being restructured not in pursuit of greater efficiency, but for geopolitical reasons. The international financial system remains deeply asymmetric—placing the heaviest burdens on those with the least resources.
This scenario demands more—not less—cooperation. And it demands institutions that reflect today’s realities and aspirations—not only those of eight decades ago.
That is why the New Development Bank matters. That is why our mission remains not only relevant, but essential.
Over the past ten years, we have shown that it is possible to build a trustworthy, efficient, and adaptable institution—one that delivers real results while upholding the values of solidarity, equity, and sovereignty. We are not here to replace anyone—but rather to prove that there is more than one way to foster development. Emerging and developing countries deserve institutions that understand their challenges, respect their choices, and support their ambitions.
The Bank’s unique governance structure, based on equality among its members, is proof of this belief. No country dominates; no voice is silenced. We operate on the principle that partnership must be horizontal—and that development is most effective when it is rooted in national priorities and belongs to those it is meant to serve.
The next decade will be decisive—not only for the NDB but for all BRICS and Global South countries.
We must confront the climate emergency with determination and solidarity. Climate finance must be more than a promise—it must be a tangible mechanism for adaptation, energy transition, and resilience—especially in countries most affected by extreme weather events. The NDB must be at the forefront of this effort, expanding investment in green infrastructure, clean energy, and climate-smart technologies.
We must also embrace the digital revolution—not passively, but actively and strategically. Connectivity, artificial intelligence, and data are shaping the new economy. However, without inclusion policies, we will only deepen exclusion. We must ensure that digital transformation becomes a tool for empowerment, not marginalization—enhancing productivity, promoting innovation, and expanding access to education, healthcare, and public services.
At the same time, we must remain committed to physical and social infrastructure. Roads, ports, water systems, housing, public transportation, and healthcare remain essential to building inclusive and resilient societies. There can be no sustainable development without these solid foundations.
To meet these challenges, we must innovate. We should strengthen local currency financing, explore bilateral swap arrangements, help our member countries reduce exposure to external volatility, and deepen domestic capital markets. We must expand our partnership network—with national development banks, other multilateral development banks, the private sector, and academia. We need to make knowledge, technology, and financial tools accessible to our member countries—especially those with limited institutional capacity.
And above all, we must remain a platform of trust. In a world marked by confrontation and mistrust, the NDB must position itself as a space for dialogue, cooperation, and shared goals. Our strength lies not only in the size of our balance sheet, but above all in the legitimacy of our mission and the unity of our member countries.
Let me be clear: we are just getting started.
In our first decade, the NDB laid the groundwork. In the next decade, we must solidify our leadership in promoting equitable, sustainable, and autonomous development in a multipolar world. This means further developing an institution that is not only financially sound, but also politically relevant and transformative.
Let this be the golden decade of the institution—a decade in which we act boldly, think long-term, and stay true to the spirit that gave birth to this Bank.
Together—with vision, courage, and determination — we will continue to build a better future for our countries, our peoples, and future generations.
Thank you very much.