Skip to content

The Eighth Annual Meeting of the New Development Bank was held in its new Headquarters in Shanghai on May 30-31, 2023, under the theme of “Shaping a New Era for Global Development.” The two-day event brought together high-level officials, Boards members, NDB stakeholders, development partners, experts, and civil society representatives from the Bank’s member countries and beyond.

The Annual Meeting was focused on exploring how NDB could further contribute to shaping a new era for global development, with discussions covering such topics as NDB’s mission and its mandate of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, as well as priority areas for the Bank, including supporting projects that contribute to digital connectivity, combating climate change and poverty alleviation.

Opening Plenary Session of the Annual Meeting

During the Opening Plenary Session, members of the NDB Board of Governors noted that NDB represents a major milestone in the cooperation of developing countries, and its establishment is significant for the evolution of the global financial system. NDB represents the voice of BRICS and other developing countries, highlighted the speakers.

It was noted that NDB has shown considerable progress in expanding its membership, business operations, knowledge exchanges, and institutional development over the past eight years. Furthermore, NDB has already become a significant development force among multilateral development institutions, serving to promote economic and social development in BRICS and beyond.

Members of the Board of Governors noted that all member states of the Bank are fully committed to supporting NDB.

In his remarks at the Opening Plenary Session, H.E. Mr. Kun Liu, Minister of Finance of the People’s Republic of China, highlighted that NDB is a major milestone of BRICS cooperation. NDB should promote economic and social development of EMDCs and continue to contribute to global development, said Mr. Kun Liu. China has always followed President Xi Jinping’s instruction of establishing, supporting, and developing the NDB, he stressed.

Address by NDB President Dilma Rousseff

In her address at the Opening Plenary Session, NDB President H.E. Mrs. Dilma Rousseff highlighted that the Bank remains focused on financing infrastructure and sustainable development projects in its member countries, contributing to their development strategies and agendas.

“We support the national strategies of the Bank’s member countries to reduce greenhouse gas emissions by financing renewable energy, green and resilient infrastructure, aiming at low-carbon growth. The Bank is committed to helping member countries achieve the Sustainable Development Goals – foremost among which are the eradication of poverty and of hunger – as well as the Nationally Determined Contributions (NDCs) made under the Paris Agreement by each signatory country,” said NDB President H.E. Mrs. Dilma Rousseff.

“In 2021, the NDB began its membership expansion, in line with the guidance of the Bank’s Governors and Board of Directors, and welcomed three new members: Bangladesh, United Arab Emirates, and Egypt. These countries, with their geographic, economic, and developmental differences, represent the diversity of the Bank’s membership. Our approach to expanding the number of countries will be to seek greater diversity, both in terms of geography and stage of development.”

“The countries that will be joining us will bring resources to the Bank, supporting the diversification of its portfolio and increasing its ability to mobilize funds. The expansion of the Bank’s membership will serve to strengthen our capital base, enhancing support for new investments. Furthermore, they will enrich the NDB’s collection of social and economic development experiences and enhance the Bank’s role as a platform for amplifying collaboration between developing countries and emerging economies.”

“NDB is in a unique position to support the infrastructure investments needed to fight poverty and to promote job creation,” stressed H.E. Mrs. Dilma Rousseff.

Talking about the priorities, NDB President noted that the Bank needs to expand its outreach, strengthening its role as a platform for cooperation.

“We will do this by expanding our network of partnerships, always placing great emphasis on the relevance of the development projects we finance. To this end, we are seeking to work ever more closely and directly with our members to better identify their most significant needs and focus our support on their most critical and strategic projects. In this same sense, the NDB intends to increase its participation in co-financing operations with other multilateral financial institutions, national development banks, and with the private sector.”

“A second priority for the NDB will be to raise funds in diverse world markets and in different currencies – such as the renminbi, the dollar, and the euro – bringing in resources from wherever they are available. At the same time, we will seek to fund a greater share of our projects in local currencies, with the dual objective of strengthening the member countries’ domestic markets and protecting our borrowers from the risks of currency fluctuations,” said H.E. Mrs. Dilma Rousseff.

Business Session of the Eighth Annual Meeting of the Board of Governors

On the same day, the Board of Governors of the New Development Bank held its 8th Annual Meeting. This was the first time the Board of Governors Meeting took place in the new Headquarters building of the Bank.

The Board of Governors assured President Rousseff of its strong support for NDB and welcomed the progress made under her leadership.

The Board highlighted that membership expansion remains a priority for the NDB and provided guidance to the Management in this regard.

The Board of Governors also discussed the implementation of the NDB’s General Strategy for 2022-2026, which sets the course for the Bank’s evolution into a leading provider of solutions for infrastructure and sustainable development for emerging market economies and developing countries.

The Board of Governors elected H.E. Mr. Enoch Godongwana, Governor to NDB, Minister of Finance of South Africa, and H.E. Mr. Fernando Haddad, Governor to NDB, Minister of Finance of Brazil, as the Chairperson and Vice-Chairperson of the Board respectively.

The Board of Governors decided that the 9th Annual Meeting of the Bank will be held in 2024 in South Africa.