On June 23, 2022, Mr. Marcos Troyjo, President of the New Development Bank (NDB), reported to the 14th BRICS Summit, held under the chairship of the People’s Republic of China under the theme of “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development.”
“NDB has approved over USD 30 billion for infrastructure and sustainable development. We are talking about more than 80 projects that make peoples’ lives better,” said Mr. Marcos Troyjo. NDB projects expand transportation networks, reduce CO2 emissions, and improve clean energy and water supplies, added NDB President.
Last year, NDB welcomed the admission of Bangladesh, UAE, Egypt and Uruguay as new member countries, highlighted the NDB President. “Our new members bring over 280 million people that can benefit from NDB’s mission. They strengthen our role as a platform to nurture cooperation,” said Mr. Marcos Troyjo. “We will go on adding new members to the NDB in a gradual and balanced manner. This will increase our voice and our contribution to global economic governance.”
NDB recently moved to its permanent Headquarters Building in Shanghai, said Mr. Marcos Troyjo, expressing gratitude to the Government of China for its strong support. “Our new home is more than just an office building. Modern, sustainable and vibrant — it is a powerful representation of what NDB stands for,” said Mr. Marcos Troyjo. “This year, we are establishing our Indian Regional Office in GIFT City,” he added.
Commenting on the Bank’s General Strategy for 2022–2026 entitled “Scaling Up Development Finance for a Sustainable Future”, Mr. Marcos Troyjo said that over the next five years, we expect to approve USD 30 billion in new projects, increasing our financing in local currencies and expanding our partnership with the private sector. “Our new strategy powers the NDB to deal with new development paradigms,” highlighted Mr. Marcos Troyjo.
The 14th BRICS Summit Beijing Declaration noted the Bank’s progress as follows: “We congratulate New Development Bank (NDB) on its relocation to its permanent headquarters building in Shanghai as well as the opening of NDB’s regional office in India. We welcome the decisions on 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 EMDCs in global governance. We support the NDB’s goals of attaining the highest possible credit rating and institutional development. We appreciate the vital role of the NDB in addressing the impact of the pandemic and assisting in the economic recovery in member countries. We note the second General Strategy approved by the Board of Governors at its annual meeting and look forward to its smooth implementation. We encourage the Bank to follow the member-led and demand-driven principle, mobilize financing from diversified sources, enhance innovation and knowledge exchange, assist member countries in achieving sustainable development goals and further improve efficiency and effectiveness to fulfill its mandate, aiming to be a premier multilateral development institution.”
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.