NDB President Joins BRICS Finance Ministers and Central Bank Governors Meeting
On November 9, 2020, Mr. Marcos Troyjo, President of the New Development Bank (NDB) participated in the BRICS Finance Ministers and Central Bank Governors Virtual Meeting held under the Russian BRICS Chairmanship. The agenda included discussions on the outcomes of G20 Saudi Presidency in 2020, a joint digital platform to encourage infrastructure investment and expansion of the membership of the NDB.
In his remarks, Mr. Troyjo commended the Public-Private Partnership Taskforce for the progress made on the joint digital platform aimed at fostering private and institutional investments in infrastructure projects in BRICS. “Crowding-in infrastructure investment is an essential objective in today’s world. A Digital Platform can better help us attain that goal,” said the NDB President.
Mr. Troyjo provided an update on the Bank’s operations, highlighting that NDB has approved 65 infrastructure and sustainable development projects worth USD 21 billion across all member countries of the Bank in the past five years. “We are addressing core development needs in our member countries. NDB projects range from urban development to water sanitation; from clean energy to smart cities”, he added.
The NDB is also providing up to USD 10 billion in crisis-related assistance and economy recovery projects through the Emergency COVID-19 Response Programme, said Mr. Troyjo.
During the Meeting, all member countries expressed their support for NDB’s membership expansion. Mr. Troyjo also laid out NDB’s priorities for the next five years, which include progress in membership expansion, a leading role in the conversation on development policymaking in the 21st century, the complexity and outreach of the Bank’s operations, making NDB a talent-intensive institution and strengthening the Bank as a platform for international cooperation.
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. The NDB received ‘AA+’ long-term issuer credit ratings from S&P and Fitch and ‘AAA’ foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR) and Analytical Credit Rating Agency (ACRA).