On June 6, 2022, the Finance Ministers and Central Bank Governors of BRICS countries (Brazil, Russia, India, China and South Africa) met virtually under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development” under China’s Chairmanship and issued a Joint Statement, which mentions the New Development Bank (NDB) as follows.
“We applaud the important role of the NDB in responding to the impact of the pandemic and assisting economic recovery of members and urge it to appropriately address external challenges and maintain its sound members-oriented operations while seeking to reconcile the Bank’s commitments with clients.
We encourage the NDB, as a leading provider of solutions for infrastructure and sustainable development for the EMDCs, to accelerate the implementation of the 2nd General Strategy (2022-2026), expand local currency operation, improve its credit ratings, and focus on areas including clean energy and energy efficiency, water and sanitation, transport infrastructure, digital infrastructure, social infrastructure, as well as environment protection and pollution control.
We look forward to a continuously more efficient and effective NDB, and urge it to constantly improve internal governance and strengthen its partnership with peer MDBs and Development Finance Institutions (DFIs), including undertaking more co-financing ventures.
We welcome the admission of four new members to the NDB and look forward to further membership expansion in a gradual and balanced manner in terms of geographic representation and comprising of both developed and developing countries, to enhance the NDB’s international influence as well as the representation and voice of the EMDCs in global governance.”
The full text of the Joint Statement is available at http://www.pbc.gov.cn/en/3688110/3688172/4437084/4571480/2022060619555189299.pdf
Background information
New Development Bank was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. The admission of the first four new members into the NDB in 2021 – Bangladesh, Egypt, the United Arab Emirates, and Uruguay – heralded the beginning of the Bank’s expansion as a global multilateral institution.