Workshop on “Scaling Up Development Finance for a Sustainable Future” held by NDB in collaboration with Ministry of Finance of China
On October 25, 2022, the New Development Bank (NDB), in collaboration with the Ministry of Finance of China, hosted a workshop under the theme of “Scaling Up Development Finance for a Sustainable Future”. The workshop was held in a hybrid format both at NDB’s Headquarters in Shanghai and online.
Two moderated panel sessions, focusing on “Mobilising Resources for Sustainable Development” and “Expanding Development Impact” respectively, explored how the Bank can contribute to global growth and sustainable development by helping address the needs and aspirations of emerging market economies and developing countries (EMDCs). The workshop also discussed various aspects of NDB’s General Strategy for 2022-2026, which was approved by the Bank’s Board of Governors in May, 2022.
“China, the BRICS Chair of 2022, took the initiative to incorporate the NDB-related topics into the outcomes of this year’s summit and expand the Bank’s presence. Chinese government always prioritizes and supports the development of NDB. In the 14th BRICS Summit held on June 23, 2022, Chinese President Xi Jinping pointed out that ‘We should support greater development of the New Development Bank and a steady process to admit new members’. In the new strategic period, NDB is expected to uphold its mission to serve EMDCs, advance membership expansion with the spirit of openness and inclusiveness, keep improving its institutional governance with high standards. China is always willing to work with all parties to build NDB into a new type of Multilateral Development Institution of the 21 century, and make contribution to the sustainable development of the member countries,” said H.E. Mr. Kun Liu, NDB’s Governor for China, Minister of Finance, the People’s Republic of China, in his address to the workshop.
“Our strategic direction is to become a leading provider of solutions for infrastructure and sustainable development for emerging economies. We aim to maximise the development impact of every single project we finance,” said Mr. Marcos Troyjo, President of NDB in his opening address.
The workshop was participated by representatives from governments, diplomatic missions, development finance institutions, academic institutions, private sector entities and other members of the development community.
The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) in 2015. NDB was created to be a global multilateral development bank, and its membership is open to all members of the United Nations. In 2021, the Bank admitted Bangladesh, Uruguay, the United Arab Emirates and Egypt as new member countries.
NDB mobilises resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. Since its establishment, the NDB approved over 90 projects for a total amount around USD 32 billion.
NDB’s General Strategy for 2022-2026 seeks to elevate the Bank to a higher standard of operational excellence and strengthen its development impact. To this end, the General Strategy targets enhancements in the Bank’s capacity to mobilise resources at scale, finance diversified types of projects, employ sophisticated instruments, maximise impact, and continue building a robust institutional profile.
Over the 2022-2026 strategy cycle, NDB intends to deploy USD 30 billion from its balance sheet through loans, equity investments, and other tailored instruments. This will bring the Bank’s cumulative project approvals to around USD 60 billion by the end of the second strategy cycle.