In August 2023, the New Development Bank participated in the 15th BRICS Summit, held in South Africa under the theme of “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”.
It was the first BRICS Summit to be hosted in person since the emergence of the COVID-19 pandemic.
As a key pillar and a tangible outcome of the BRICS cooperation mechanism, NDB plays an important role in supporting the aspirations of its member countries towards sustainable development.
At the Summit, NDB showcased its unique position in terms of its mandate and potential to contribute to global growth and development in emerging markets and developing countries.
BRICS Leaders on the New Development Bank
In Johannesburg II Declaration adopted by the BRICS Leaders on August 24, 2023, the key role of the NDB in promoting infrastructure and sustainable development in its member countries is recognized.
“46. We recognise the key role of the NDB in promoting infrastructure and sustainable development of its member countries. We congratulate Ms Dilma Rousseff, former President of the Federative Republic of Brazil, as President of the New Development Bank (NDB) and are confident that she will contribute to strengthening of the NDB in effectively achieving its mandate. We expect the NDB to provide and maintain the most effective financing solutions for sustainable development, a steady process in membership expansion, and improvements in corporate governance and operational effectiveness towards the fulfilment of NDB’s General Strategy for 2022-2026. We welcome the three new members of the NDB, namely Bangladesh, Egypt and United Arab Emirates. We encourage the NDB to play an active role in knowledge sharing process and incorporate the member-countries best practices in its operational policies, according to its governance mechanism and taking into account national priorities and development goals. We see the NDB as an important member of global MDB family, given its unique status as an institution created by EMDCs for EMDCs.”
NDB President Dilma Rousseff Reported to BRICS Leaders
On August 23, 2023, H.E. Mrs. Dilma Rousseff, the President of the New Development Bank (NDB), delivered her report to the Leaders of Brazil, Russia, India, China and South Africa at the 15th BRICS Summit, emphasizing the NDB’s role in supporting sustainable and inclusive development in the member countries of the Bank.
Highlights
In his remarks at the BRICS Business Forum 2023, Mr. Cyril Ramaphosa, President of South Africa, comments on the NDB emphasizing its ability to mobilize resources for infrastructure and sustainable development in emerging economies without imposing conditionalities. Mrs. Dilma Rousseff expressed the Bank’s readiness and willingness to support the development agendas of various countries, noted President Ramaphosa.
Mr. Cyril Ramaphosa
President of South Africa
Mr. Anil Kishora, Vice President and Chief Risk Officer of NDB delivered the keynote address at the BRICS Business Council Leadership Breakfast, organized on the sidelines of the 15th BRICS Summit. The 100+ gathering comprised BRICS Business Council members, NDB’s management team, chairpersons of the nine working groups from each of the BRICS countries for sectors such as agribusiness, digital economy, green economy, energy, financial services, infrastructure, aviation, manufacturing, and skill development.
Highlighting the financing needs of emerging markets and developing countries to decarbonize sectors such as energy systems, agriculture, transport infrastructure, and water supply, Mr. Kishora spoke about catalyzing private sources of finance to fund climate projects and identified areas where BRICS nations can collaborate to address common challenges. Mr. Vladimir Kazbekov, Vice President and Chief Operating Officer and Mr. Leslie Maasdorp, Vice President and Chief Financial Officer, also addressed the audience.
“NDB is more than just a bank; it’s a platform for cooperation for emerging markets and developing countries.” President Dilma Rousseff spoke to CGTN ahead of the 2023 BRICS Summit.
Reflecting on her former role as the President of a developing country and now as the President of NDB, President Rousseff spoke about the unique challenges that EMDCs face and how NDB was created by BRICS to promote global multilateralism. “I understand what equal representation for all countries looks like and NDB aims to drive that kind of multilateralism.”
She shared successful examples of transformative development from NDB’s member countries and spoke about the Bank’s commitment to improve lives, create better living conditions, and bring more job opportunities by financing infrastructure and sustainable development projects in Emerging Markets and Developing Countries.
Key Announcements
Johannesburg, South Africa — On 21 August 2023, the New Development Bank (NDB) and Trans-Caledon Tunnel Authority (TCTA) signed the Loan Agreement for the implementation of Phase II of the Lesotho Highlands Water Project (LHWP). The NDB will provide a project loan of ZAR 3.2 billion to TCTA under the sovereign guarantee of South Africa.