New Development Bank Board of Governors Statement on Response to COVID-19 Outbreak

The spread of the COVID-19 pandemic has caused unimaginable hardship and suffering for millions of people around the globe. The Governments of BRICS countries, in close partnership with multilateral fora and international development community, have reacted proactively and pledged unprecedented fiscal and monetary stimulus packages to respond to adversity and challenges caused by COVID-19 outbreak.

The Board of Governors welcomes the NDB contribution to the ongoing efforts of BRICS countries to address the health and economic consequences of the outbreak. The Board of Governors welcomes the approval of RMB 7 billion Emergency Assistance Program in Combatting COVID-19 to the Government of the People’s Republic of China and that support to other Member Countries was being processed to respond to their most urgent needs. NDB mobilized resources for this emergency loan to China through the first-ever RMB-denominated Coronavirus Combating Bond issued by the Bank in China in the amount of RMB 5 billion.

The Board of Governors welcomes that the Bank will also establish an Emergency Assistance Facility to meet the emergency needs of member countries. Such emergency loans to member countries could be used to finance direct expenses related to the fight against the COVID-19 outbreak or provide support to governmental measures contributing to economic recovery in member countries. In addition to the agreed USD 5 billion, the Bank targets to provide up to total USD 10 billion in crisis-related assistance including support for member countries’ economic recovery.

The Board of Governors recognizes that the Bank’s response to COVID-19 outbreak is in line with the actions by the international community as well as other multilateral development banks. The Bank looks forward to working together and joining hands with other development partners, including other multilateral organizations.

The Board of Governors stresses that BRICS countries would unite to combat the COVID-19 outbreak. The Board of Governors expresses sincere and profound feelings of sympathy over the COVID-19 outbreak and offers its deepest condolences for the losses suffered.

22-April-2020