His Excellency, President Lula Da Silva,
Fellow Governors and Alternate Governors of the New Development Bank,
Her Excellency Madame President Dilma Rousseff,
Vice-Presidents and Senior Management of the New Development Bank,
Representatives of International Organisations and Development Finance Institutions,
Members of the Civil Society and Academia,
Ladies and Gentlemen
Introduction
As many speakers have said that a decade ago, what initially started with a vision of promoting sustainable development in BRICS and other emerging countries, became a reality.
The NDB is uniquely positioned to directly respond to challenges and opportunities in the Emerging Market and Developing Countries (EMDCs).
Today, we celebrate all the milestones achieved over the past 10 years.
We celebrate resilience in the midst of external difficult environment.
We celebrate agility and responsiveness during unforeseen circumstances.
And most importantly we celebrate the impact that will reverberate for generations to come.
As we celebrate 10 years of the operationalisation of the Bank here in Brazil, we must take the time to reflect on our achievements, current success and future aspirations of this institution.
10th Annual Meeting Theme
The theme for this year’s Annual Meeting “Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South” is a reminder of the importance of collaborative efforts in driving strong and sustainable economic growth.
The persisting infrastructure gap, coupled with the limited fiscal space in our respective economies, compels us to join resources, both technical and financial, to effectively deliver the much-needed infrastructure in our countries, at the scale and pace necessary.
Infrastructure remains a catalyst for economic growth, and if we are going to make a meaningful dent in dealing with unemployment, poverty and inequality, we need to realise and set in motion this year’s theme in order to close our infrastructure gaps.
Implementation of the General Strategy
Despite significant external challenges, the Bank has managed to effectively strive towards attaining the goals set out in its current General Strategy.
South Africa is particularly impressed with the progress the Bank has made in raising local currency funds.
Enhancing local currency operations helps mitigate foreign exchange and related risks, which often can be very costly.
We welcome the Bank’s efforts to increase resource mobilisation.
We want to specifically commend the NDB for overcoming liquidity constraints and funding costs associated with limited capital market access.
We congratulate the Bank for making a return to the capital markets and subsequently raising funds in Renminbi (RMB), US Dollar, (USD), Hong Kong Dollar (HKD) and the South African Rand (ZAR).
While these are key milestones in the Bank’s efforts to diversify funds, we do believe that there is great scope for exploring innovative funding options.
Membership Expansion
Now, allow me also take this opportunity to welcome, on behalf of South Africa, the 9th member of the NDB, Algeria.
We congratulate Algeria for finalising its accession and officially becoming a member of the New Development Bank.
We are pleased with the progress that the Bank is making to increase its membership beyond its founding members.
Conclusion
Finally, I wish to congratulate you, Madame President, for your reappointment to serve another 5 year-term. And we have no doubt, as South Africa, that you will continue to take the Bank to greater heights during this term, while maintaining the mandate of the Bank.
As the Bank continues to evolve, we are confident in the Bank’s ability to remain agile in addressing today’s challenges and relevance in responding to the challenges of tomorrow.
I thank you.