Wednesday, August 12, 2026
Honourable Minister of Finance and Corporate Affairs of India,
Honourable Madame Shrimati Nirmala Sitharaman,
Honourable Governor of the Reserve Bank of India, Mr. Sanjay Malhotra,
Excellencies, distinguished delegates, colleagues and friends,
Good morning.
It is a privilege to join this distinguished meeting and to share a few reflections on the role of the New Development Bank in mobilizing private capital across our member countries. I thank the Ministry of Finance and the Department of Economic Affairs for convening this timely discussion, and the Reserve Bank of India for its continued support and for co-hosting this seminar with us.
We meet at a moment of profound global imbalances, volatility and fragmentation. International dynamics are being affected by tariff wars, sanctions and technological blockades, by high indebtedness of advanced economies, and the urgent climate imperative. All this are placing pressure on all countries, particularly on emerging markets and developing ones. At the same time, demand for development finance keeps rising – for digital transformation, energy transition, growing urbanization, resilient infrastructure and social development. The scale of investment required is simply too vast for any single entity to address alone.
The task before us is not only to increase financing volumes. It is to create the conditions under which long-term capital – institutional investment, and international and domestic private capital- can flow into productive, sustainable and inclusive development. Mobilizing private capital is one of the bridges connecting our ambitions and ability to deliver tangible results for the people of our member countries.
Over the past decade, NDB has sought to establish itself as one of the builders of this bridge. So, we have improved each year our private sector pipeline with a solid balance sheet, expanded our membership, and set a growing portfolio of high-quality projects. This foundation enables us to improve bankability, reduce perceived risks, offer longer maturities and support local currency and swap solutions. Giving more confidence to private investors.
For NDB, mobilizing 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 mobilize 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.
We are translating this mandate into action on three complementary fronts: funding, financing and project preparation.
First, on funding: local-currency borrowing and lending are defining features of our strategy.
NDB is one of the largest issuers in the Panda bond market and a growing issuer in the South African bond market.
We are extending this model to other member currencies, including the Indian Rupee and the Brazilian Real. Our planned Indian Rupee bond program aims to mobilize around 250 billion Indian Rupees (INR) equivalent to 2,5 billion US$ over five years, deepening India’s domestic bond market while helping borrowers, including private sector ones, reduce currency risk. We shall remember that the prevision for India sovereign loan in the next five years is 1billion dollar year, totalling 5 billion dollars. So, NDB prevision for the period is a total investment in India of 7.5 billion dollars.
Besides that, NDB has also become a growing player in multicurrency lending using currency swaps.
Second, on financing: we are accelerating non-sovereign operations, engaging more deeply with private sector via direct lending, or through public-private partnerships and also using blended finance. Under our current General Strategy, we have set a target of 30 percent of financing to non-sovereign operations. For our next strategy cycle, covering 2027 to 2031, we aim for 35 percent, alongside an expanded local-currency target of 40 to 50 percent, a climate finance target of 45 percent, and a new target of 10 percent for innovation and digital transformation projects, from smart hospitals to intelligent transport and infrastructure systems.
Through co-financing and syndication NDB can mobilize more resources in additional private capital. We intend to co-finance 20 to 30 percent of projects, by number, with partner development finance institutions, sharing risk, improving project preparation and multiplying our impact.
To support all of this, we are expanding our toolkit to include guarantees, risk-sharing facilities, trade finance, project bonds, equity and investment funds as we are doing in India with the National Investment and Infrastructure Fund. These instruments will be introduced under clear risk frameworks. We recognise that non-sovereign transactions carry higher risk, and we are strengthening our credit appraisal, due diligence and risk-based pricing accordingly, so that we can mobilize more private capital.
Third, on project preparation and knowledge-sharing: mobilization begins long before a financing agreement is signed. NDB can help member countries build bankable projects, and conduct feasibility studies, as well-prepared projects are far more likely to attract private capital. We have to act as knowledge hub, bringing together governments, national development banks, financial institutions and private investors to promote and replicate successful approaches across our membership.
India is central to this agenda. NDB has approved nearly USD 10.5 billion for 35 projects here, across transport, water, renewable energy, urban development and social infrastructure, including eight non-sovereign projects in clean energy and beyond. As an early anchor investor in India’s National Investment and Infrastructure Fund, through NIIF’s Private Markets Funds I and II, we helped crowd in institutional capital for sustainable infrastructure. And our commitment of INR 13.2 billion to the Hybrid Renewable Energy Project, combining solar, wind and battery storage, helped catalyse additional private financing for its implementation.
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. Seeking to adopt the best innovation solutions available.
This is precisely why today’s seminar matters. Over the next two hours, I hope we can explore strategies to bridge the infrastructure financing gap across energy, transport, digital infrastructure and resilience. Discuss innovative financing and risk-mitigation mechanisms that can unlock private capital at scale.
Let me conclude by saying that private capital mobilisation is not only about finance. It is about trust, partnership and delivery, about bringing together public purpose and private capability to build resilient, sustainable and inclusive economies. I hope that our collective wisdom today will help NDB further strengthen its role as a catalyst for private capital in our member countries.
Thank you.