On August 12, 2026, the New Development Bank (NDB), founded by the BRICS countries in 2015, together with the Ministry of Finance, Government of India, convened a seminar on “The Role of the New Development Bank in Mobilising Private Capital in Member Countries.”
Held on the sidelines of the first BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under India’s 2026 chairship, the seminar brought together senior government officials, financial institutions, private sector leaders, academics, and experts from NDB and BRICS member countries to discuss practical ways to scale private capital mobilisation for infrastructure and sustainable development.
In her keynote address, H.E. Mrs. Nirmala Sitharaman, Union Finance Minister of India and NDB Governor for India, set the tone for the seminar. She emphasised the critical role of multilateral development banks in de-risking investments, enhancing project bankability, and strengthening investor confidence to mobilise private capital at scale.
Union Finance Minister Nirmala Sitharaman noted that while BRICS economies represent major growth engines of the global economy, they also face common structural constraints in mobilising private capital at scale. She emphasised that the challenge lies not only in capital availability, but also in building the confidence, stability, predictability, and credible long-term frameworks needed to unlock sustained private participation across member countries.
“The New Development Bank holds a critical role. Its comparative advantage lies not only in financing infrastructure, but in strengthening the overall investment ecosystem across member countries,” said Union Finance Minister Nirmala Sitharaman.
Mrs. Dilma Rousseff, President of the New Development Bank, said:
“For NDB, mobilising private capital is a strategic imperative. Created by the BRICS founding members, NDB is a Bank of the Global South, for the Global South, mandated to mobilise resources for infrastructure and sustainable development – using the best innovations available – without conditionalities. Our work aligns closely with India’s BRICS Presidency theme of “Resilience, Innovation, Cooperation and Sustainability.”
“India’s BRICS Presidency this year gives special significance to our discussion. NDB stands ready to be a trusted partner in turning commitments on sustainability, clean energy, smart and resilient infrastructure into concrete results on the ground,” added President Dilma Rousseff.
Ms. Anuradha Thakur, Secretary, Department of Economic Affairs, Ministry of Finance, delivered the welcome remarks, while Mr. Vijay Sankar, Senior Vice President, Federation of Indian Chambers of Commerce & Industry (FICCI), shared a private sector perspective.
A discussion with panellists from IRDAI, NDB, Sertrading, Tencent, Tata Capital Decarbonisation Fund and Avaana Capital explored innovative financing, risk-mitigation instruments, partnerships in financing technologies, and local currency solutions to strengthen bankable project pipelines across infrastructure sectors.
Dr. Rajiv Ranjan, Vice-President and Chief Administrative Officer, NDB, and Ms. Anu P. Mathai, Additional Secretary, Department of Economic Affairs, Ministry of Finance, delivered the closing remarks, underscoring the need for continued collaboration among BRICS countries, multilateral development banks, and the private sector.
About the New Development Bank
The New Development Bank is a multilateral development bank established in 2015 by Brazil, Russia, India, China and South Africa, with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs), complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration among EMDCs. The Bank’s membership base currently stands at ten countries.