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Your Excellency, President Xi Jinping,
Your Excellency, President Cyril Ramaphosa,
Your Excellency, President Jair Bolsonaro,
Your Excellency, President Vladimir Putin,
Your Excellency, Prime Minister Narendra Modi,
Honorable leaders,

Let me start by congratulating the Chinese BRICS Presidency.
And express our gratitude to all BRICS countries.
Your guidance and support are at the heart of NDB’s continued growth and success.
It is an honor to report to you in this very special year of 2022
A decade ago, the BRICS decided to explore the establishment of a new development bank.
Back then, putting together a brand new institution focused on emerging economies was only a far away dream.
But the BRICS took an important decision. Let’s make that dream come true.
Over time NDB has gained scale and relevance since.
It has become a symbol of what emerging economies can achieve together .

NDB has approved over USD 30 billion for infrastructure and sustainable development. We are talking about more than 80 projects.
These are projects that make peoples’ lives better in our member countries.
Projects that continue to expand transportation networks, reduce CO2 emissions, provide for more clean energy and water supplies, and so much more.
Our approach to development echoes the spirit of the 2030 Agenda and the Paris Agreement.

Last year, we welcomed the admission of Bangladesh, UAE, Egypt and Uruguay.
Our new members bring over 280 million people that can benefit from NDB’s mission.
They strengthen our role as a platform to nurture cooperation in infrastructure and sustainable development.
We will go on adding new members to the NDB in a gradual and balanced manner. This will increase our voice and our contribution to global economic governance.

We recently moved to our permanent headquarters in Shanghai.
I thank the Government of China for the strong support.
Our new home is more than just an office building.
Modern, sustainable and vibrant — it is a powerful representation of what NDB stands for.
This year, we are establishing our Indian Regional Office in GIFT City.
So we now have a presence on the ground in all BRICS countries.

2022 marks the beginning of a new strategic cycle for NDB.
Over the next five years, we expect to approve USD 30 billion in new projects.
We will increase our financing in local currencies.
We will expand our partnership with the private sector.
And 40% of the projects we support will go to climate change mitigation and adaptation.
We must help shape the future of multilateral finance. Our new strategy powers the NDB to deal with new development paradigms.
Building the NDB as a premier development bank for emerging economies. That’s our goal. That’s what we are working for.
Thank you very much.