- Good afternoon, dear friends. Good afternoon, ladies and gentlemen. Today we are celebrating a decade of the New Development Bank – the main financial institution for new investments and new projects that are being implemented in our countries and not only in the BRICS countries, but also in the countries of the Global South.
- The role of Global South countries is growing every year. The population of the Global South accounts for nearly 70% of the world’s total population. The Global South’s share of the global GDP is nearly 60%. Its combined financial assets have surpassed USD 60 trillion, representing over 50% of the global total.
- In this context, the NDB’s model is transforming as well, evolving from a Bank of the BRICS countries into a Bank for the Global South. Its geographic presence is growing as new countries join the Bank. We extend a warm welcome to Algeria, Uzbekistan, and Colombia.
- We see the following key growth drivers as essential for the further development of the region, and the NDB has played and can continue to play a key role in their realization.
- It is crucial to significantly increase investment in infrastructure.
- A new approach to attracting funding with stable, long-term capital inflows is required, including engagement with digital assets. This goal can be achieved by establishing the New Investment Platform for global growth. This initiative is currently under discussion within the BRICS framework.
- It will integrate investment mechanisms and technological standards, financial and logistical services, trade tools and other solutions into a unified platform.
- A resilient financial market is needed for the Global South. Creating infrastructure that ensures the free flow of capital is important.
- We are conducting this work within the BRICS framework. Our discussions focus on cross-border settlements, advancing inter-depositary cooperation, forming reinsurance capacity, and launching a credit rating methodology.
- Here, the role of the Development Bank as a financial institution of our countries is crucial. Today, we must be at the forefront of new technologies. The rapid development of AI presents new opportunities, but it also highlights new risks and inequalities between countries. Therefore, we must cooperate actively in the field of AI, and the New Development Bank must lead the way, uniting our countries’ efforts.
- In the context of trade restrictions, it is essential to develop direct production and trade ties between countries in the Global South. Logistics infrastructure is crucial.
- We observe that logistics costs remain high today, exceeding levels in Western countries. The New Development Bank must address these issues with its resources. As emphasized by Brazilian President Luiz Inácio Lula da Silva, we need a more equitable development model. New financial mechanisms leveraging the internal resources of the Bank’s shareholder countries are required, as are new development and infrastructure projects.
- All of this is aimed at ensuring that our people live better, more prosperous lives. There are numerous economic development tasks in which the Bank can and must participate. We must implement them and move forward.
- I wish the New Development Bank every success in its further development. Thank you.