Summary
On June 23, 2022, Mr. Marcos Troyjo, President of the New Development Bank (NDB), reported on the Bank’s achievements to the Leaders of Brazil, Russia, India, China and South Africa at the 14th BRICS Summit, held in a virtual format under the chairmanship of the Government of the People’s Republic of China. This year’s BRICS Summit was convened under the theme “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”.
Highlights of President’s Report
- “NDB has become a symbol of what emerging economies can achieve together.”
- “Over the next five years, we expect to approve USD 30 billion in new projects. 40% of the projects we support will go to climate change mitigation and adaptation.”
- “Building the NDB as a premier development bank for emerging economies. That’s our goal. That’s what we are working for.”
BRICS Leaders on New Development Bank
In the XIV BRICS Summit Beijing Declaration, the Leaders noted the Bank’s progress as follows:
“We congratulate New Development Bank (NDB) on its relocation to its permanent headquarters building in Shanghai as well as the opening of NDB’s regional office in India. We welcome the decisions on admission of four new members to the NDB and look forward to further membership expansion in a gradual and balanced manner in terms of geographic representation and comprising of both developed and developing countries, to enhance the NDB’s international influence as well as the representation and voice of EMDCs in global governance. We support the NDB’s goals of attaining the highest possible credit rating and institutional development. We appreciate the vital role of the NDB in addressing the impact of the pandemic and assisting in the economic recovery in member countries. We note the second General Strategy approved by the Board of Governors at its annual meeting and look forward to its smooth implementation. We encourage the Bank to follow the member-led and demand-driven principle, mobilize financing from diversified sources, enhance innovation and knowledge exchange, assist member countries in achieving sustainable development goals and further improve efficiency and effectiveness to fulfill its mandate, aiming to be a premier multilateral development institution.”