NDB President and Vice-President of Brazil meet in Shanghai, discuss Bank’s strategy and operations in Brazil
Strengthening the New Development Bank’s strategy and its operations in Brazil was the main focus of discussion between Mr. K.V. Kamath, the NDB President and Gen. Hamilton Mourão, the Vice-President of Brazil during their meeting on 20 May 2019. The meeting was held at the Bank’s office in Shanghai, during the official visit of the Vice-President to the People’s Republic of China.
Photo credit: Adnilton Farias (Courtesy of the Office of the Vice President)
“The NDB is a 21st century bank, designed to provide the necessary financial support to emerging economies. We welcome the upcoming inauguration of the NDB Americas Regional Office, based in São Paulo, with a branch in Brasília. Such Office will allow the NDB to become more familiar with the Brazilian business culture and regulatory environment, thus contributing to our efforts to foster investment in infrastructure and sustainable development,” said Gen. Hamilton Mourão.
Mr. K.V. Kamath briefed Gen. Hamilton Mourão on the progress of the NDB, including the growth of the Bank’s portfolio of approved projects.
“It’s a privilege to host Gen. Hamilton Mourão in NDB’s Headquarters. The NDB is fully committed to supporting Brazil’s agenda of infrastructure investments as formulated by the Brazilian Government with a greater participation of the private sector, in line with the Bank’s mandate of mobilizing resources for infrastructure and sustainable development. We are looking forward to opening the Bank’s Americas Regional Office later this year, which will play an important role in project identification and preparation,” said Mr. K.V. Kamath
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. To fulfill its purpose, the NDB will support public or private projects through loans, guarantees, equity participation and other financial instruments. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. In August 2018, the Bank received AA+ long-term issuer credit ratings from S&P and Fitch.