Your Excellency, the President of the Federative Republic of Brazil, Fellow Governors, President of the New Development Bank, Members of the Senior Management, Distinguished Guests, Ladies and Gentlemen,
[Introductory]
1. At the outset, I extend my sincere congratulations to the Government of the Federative Republic of Brazil and the NDB for hosting this 10th Annual meeting of the Bank. It gives me immense pleasure to be here today, in this vibrant city of Rio De Janeiro.
2. This meeting takes place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics. In response to these challenges, our collective action must be decisive, inclusive, and forward-looking.
3. MDBs play a pivotal role in complementing our efforts in tackling these uncertainties. MDBs have a distinctive comparative advantage in their ability to catalyze both public and private investments by offering a package of technical expertise, concessional financing, and effective risk mitigation tools thereby widening our policy options.
4. In this context, NDB has emerged as a key partner—channelizing development finance, supporting resilient infrastructure, and fostering meaningful cooperation across the Global South through a pragmatic and responsive approach.
5. India reaffirms its steadfast commitment to inclusive, sustainable, and innovation-led development of the global south. To ensure that the Global South plays a pivotal role in discussions about issues impacting them, India’s efforts led to the landmark inclusion of the African Union as a permanent member of the G20.
6. I am proud to share with you all that the Indian economy has demonstrated remarkable growth and resilience in the post-pandemic era.
7. Strong focus on macroeconomic stability, targeted efforts to promote digitalization and inclusive policy design have been instrumental in achieving this, despite facing multiple domestic and external challenges. India is poised to remain one of the fastest growing economies globally in the coming years.
[NDB’s Achievements in 1st decade of Operations and Way forward]
8. As we gather for the 10th Annual Meeting of NDB, this defining milestone offers an opportune time to reflect on the Bank’s journey so far and to chart a forward-looking strategy for the next decade of growth and building scale. Over the past decade, NDB has emerged as a credible institution with its client focus, agile response and financing several key infrastructure projects. As the Bank enters its next phase of growth, it must focus on strategic priorities:
9. Mobilizing private capital is key to sustaining growth given the limited fiscal space and competing demands for public capital expenditure. NDB should play a catalytic role in unlocking private sector capital. Special focus must be placed on tailored support for Small and Medium Enterprises, especially women-led enterprises, to ensure inclusive participation, economic development and promote gender equity.
10. Strengthening NDBs financial capacities to meet the scale and urgency of development financing needs is crucial. Actionable steps could be adopted from the Capital Adequacy Framework (CAF) for MDBs, and the Better, Bolder and Bigger MDB reforms brought out during India’s G20 Presidency in 2023.
11. NDB has shown that a Global South-led institution can deliver development solutions that are timely, trusted, and context-specific. The Bank should foster cross-country partnerships to promote knowledge exchange, policy innovation, and technical cooperation. India stands ready to collaborate with NDB in sharing successful models, such as our achievements in digital public infrastructure, scaling up renewable energy adoption, for broader replication.
12. Robust governance and transparent institutional mechanisms are vital for enhancing the credibility and effectiveness of the NDB. Continued focus on accountability, responsiveness, and stakeholder trust must remain a priority to ensure the Bank’s long-term sustainability.
[Conclusion]
13. In conclusion, I assure you of India’s continued cooperation with NDB, the member countries, and the stakeholders in this journey.
Thank You.