The Eleventh Annual Meeting of the New Development Bank (NDB) Board of Governors (BoG, Board) was held in Moscow, Russia, on May 14-15, 2026. Organized under the theme “Development Financing in an Era of Technological Revolution,” the two-day event brought together hundreds of participants, including Ministers, high-level government officials, members of the Bank’s Board of Governors and Board of Directors, business leaders, development partners, experts and media.
H.E. Mr. Mikhail Mishustin, Chairman of the Government of the Russian Federation, addressed participants of the Annual Meeting by video. He stressed that over the past years the New Development Bank has become one of the pillars of the emerging financial system of the Global South. “As emphasized by Russian President Vladimir Putin, NDB has established effective work in the areas of investment and lending, becoming one of the key international financial organizations,” he said.
Prime Minister Mishustin noted that the Bank’s Annual Meeting is focusing on discussing challenges and opportunities created by the technological revolution. “Artificial intelligence and digital platforms have become the most important sectors of the economy,” he said. Prime Minister Mishustin stressed that access to technologies determines the ability of countries to adapt to rapid changes.
“The NDB has everything it needs to become an international ‘bank of innovations’, help countries identify key areas for investment, select the best development tools and create conditions for businesses to invest at early stages and for the long term,” said Prime Minister Mishustin.
Russia supports the diversification of the New Development Bank’s portfolio, as well as strengthening cooperation and increasing the share of national currencies in NDB financing, he concluded.
In his keynote speech at the NDB Flagship Governors Seminar held on May 14, 2026, H.E. Mr. Alexey Overchuk, Deputy Prime Minister of the Russian Federation, said, “Here we have countries that are like-minded in the sense that we all cherish independence and a belief that our countries respect each other. This is one of the greatest strengths of BRICS. No matter how large or small the economy of a member country is, decisions are made on the basis of respect and consensus. That is extremely important, and it is one of the key advantages that BRICS provides to all its members.”
Deputy Prime Minister Overchuk noted that the New Development Bank should look at helping its member countries respond to deglobalization. Deputy Prime Minister also highlighted several pressing global challenges, including climate change, water scarcity and food security and called on the NDB to support projects in these areas, develop its own analysis of global trends and be more decisive in shaping the upcoming General Strategy of the Bank.
In his remarks at the Opening Ceremony of the 11th Annual Meeting of the New Development Bank, H.E. Mr. Anton Siluanov, Minister of Finance of the Russian Federation, NDB Governor for Russia and Chairman of the Board of Governors, warmly welcomed participants of the Annual Meeting.
Minister Anton Siluanov noted that the BRICS countries should consolidate their financial, research and production capabilities. The potential for expanding the high-tech markets in the BRICS countries is over USD 400 billion annually, he said. The New Development Bank should play a key role in financing high-tech projects, stressed Minister Anton Siluanov.
“As NDB embarks on the formulation of its new Strategy, the vision is clear: the Bank will be larger, greener, more digital, more innovative, more agile, and more cooperative, while remaining grounded in pragmatism and focused on delivery,” said H.E. Mrs. Dilma Rousseff, NDB President, in her address at the Opening Ceremony.
“Local currency financing will remain a strategic priority and particular attention will also be given to expanding operational engagement with the Bank’s newest members, including the objective of advancing operations across all recently admitted borrowing countries. The Bank will be strengthening its role as a platform for cooperation among its members,” highlighted NDB President Dilma Rousseff.
“NDB will continue to pursue gradual, balanced membership expansion and strengthen its role as a unified voice and platform for the Global South, amplifying members’ priorities, facilitating South-South cooperation, and mobilizing collective solutions to shared development challenges,” she said.
In his speech at the NDB Flagship Governors Seminar, Prof. Jeffrey Sachs, Director of the Center for Sustainable Development at Columbia University stressed that “the work of the New Development Bank is of profound importance for the entire world.” “The success of the BRICS countries and the emerging markets and developing economies really is the success of the world. The EMDEs constitute about 85% of the world’s population, about 60-65% of the world’s output measured properly at purchasing power parity. The future of EMDEs is essentially the future of the world.”
“The world is experiencing three profound transformations: a geopolitical transformation, an ecological transformation and a technological transformation,” said Prof. Sachs. In this context, he noted, “I view the success of the EMDEs led institutionally by the BRICS as being essential for worldwide success.”
“The role of multilateral investment is especially significant, because no country can make these transformations on its own”, said Prof. Sachs, stressing that the emerging economies led by the BRICS need to work together. “We need the New Development Bank. It is a creative and crucial institution for all three dimensions of transformation.”
Prof. Sachs suggested that NDB should expand the scale of its financing, broaden partnerships with African countries, help build a green and digital technology stack, finance sustainable urbanization and play an important role in supporting alternative systems for payments and settlements.
The Board of Governors (BoG) of the NDB convened the Business Session of its 11th Annual Meeting on May 15, 2026. The BoG welcomed the significant developments achieved over the past year by the Bank. It also provided guidance for membership expansion, formulating the General Strategy for 2027-2031 and other areas of strategic importance.
The BoG elected H.E. Mrs. Nirmala Sitharaman, Minister of Finance of the Republic of India as the next Chairperson of the Board of Governors and H.E. Mr. LAN Fo’an, Minister of Finance of the People’s Republic of China, as the next Vice-Chairperson of the Board of Governors.
The Board of Governors decided that India will host the Twelfth Annual Meeting of the New Development Bank in 2027.
The Eleventh Annual Meeting concluded with a joint press conference by NDB President Dilma Rousseff and Minister Anton Siluanov.
Background Information
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration among EMDCs. As of the end of Q1 2026, NDB has approved USD 42.9 billion in financing for 140 projects across sectors such as clean energy, transport, water and sanitation, environmental protection, social and digital infrastructure. The Bank is rated AA+ by Standard & Poor’s, AA by Fitch Ratings, and AAA by Japan Credit Rating Agency and CCXI. For more information, visit http://www.ndb.int.