NDB President reports to BRICS Leaders, outlines priorities for New Development Bank
On November 17, 2020, Mr. Marcos Troyjo, President of the New Development Bank (NDB), reported on the Bank’s achievements and outlined its priorities for the next five-year cycle to the Leaders of Brazil, Russia, India, China and South Africa during the 12th BRICS Summit, held in a virtual format.
“In mere five years, we have accomplished what peer institutions took decades to achieve,” said Mr. Troyjo. “We are talking about 65 projects totaling USD 21 billion. By the end of this year, we expect approvals to reach USD 26 billion.”
Mr. Troyjo noted that the NDB is supporting strategic infrastructure projects, while addressing core developmental needs of its member countries. “We are there to support key infrastructure projects in the BRICS. Logistics, urban development, water and sanitation, energy – core development needs are all within our scope,” he said.
The NDB responded to the challenge of providing support to its member countries in addressing the COVID-19 pandemic, stated Mr. Troyjo.
“USD 10 billion is our committed support through an Emergency Response Program. The first USD 5 billion are directed to finance health and social relief,” said the NDB President. “The second USD 5 billion contribute to boosting economic recovery. Especially, through the creation of jobs that come from infrastructure investment and the support for small and medium-sized enterprises.”
“We realize the NDB’s outreach is made more effective by the work of our regional offices,” highlighted Mr. Troyjo. “This has been our experience in the Americas Office in Brazil and the Africa Center in South Africa. They are soon to be followed by the Eurasian Center in Moscow, recently ratified by the Russian Parliament, as well as our Indian Regional Office”.
In his speech, Mr. Troyjo also underlined that the NDB had made important strides forward in the membership expansion of the Bank. “Negotiations are well under way. I am confident we will be able to announce new members very soon,” he added.
Mr. Troyjo also laid out priorities for the New Development Bank’s work in the next five years.
“We want to position the NDB as a premier development bank for emerging economies. And we will play a leading role in the conversation on what development policy means in the 21st century,” said the NDB President.
The NDB will make progress in membership expansion in a gradual and responsible way, added Mr. Troyjo.
“We will increase the complexity and outreach of our operations. This is key as the concept of infrastructure evolves to encompass both traditional challenges and those presented by the economy 4.0,” stated Mr. Troyjo.
The NDB’s President also noted the importance of making NDB a talent-intensive institution and strengthening the Bank’s role as a platform for international cooperation, where member countries come together and work constructively on issues of shared interest.
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.