Governors’ Statements

Opening Remarks of the Minister of Finance of South Africa, H.E. Tito Mboweni, at the Opening Plenary of the 6th Annual Meeting of the Board of Governors of the New Development Bank held virtually on 30 March 2021

 

  1. Thank you very much Corporate Secretary;

 

  1. My greeting to the President of the Bank, the Chairman of the Board of Governors. Greetings to the Vice Presidents of the NDB, and greetings to all participants.

 

  1. It is indeed my great honour and privilege to join you in this Sixth Annual Meeting of the New Development Bank. It feels like just yesterday when we launched the Bank in Moscow. We were all hopeful that this new institution we’re creating would be both a disrupter, and also as a positive contributor in the world of development financing; and we were quite correct in this when we met in Moscow and launched this bank, in the manner in which we did.

 

  1. Today we can today say that this baby we launched six years ago is now growing up and has gone through the school system. Now we know how to issue bonds; green bonds; we know how to receive a credit rating; we know how to interact amongst ourselves, and we’re at the stage where we are now we’re prepared to invite other countries to join our bank. Indeed, this is a remarkable achievement by all of us.

 

  1. But as we trudge on into the future, we are currently confronted by this horrible COVID-19 virus which is ravaging through the world and through our countries, and requires all of us to cooperate together; and I’m pleased that the Republic of India and the Russian Federation have been in the forefront of producing a vaccine that can be of assistance to all of us in the BRICS countries. We should therefore seek to, in the first instance, cooperate amongst ourselves and use our own science and research to build mutual solidarity in this process.

 

  1. A negative feature which has evolved during this damage has been, what one call’s vaccine narrow nationalism; where richer countries have sought to accumulate as many vaccines as possible; therefore, making it very difficult for developing countries to access the vaccines. The role that India and Russia are playing is very important, because these become the resources to assist developing countries.

 

  1. The New Development Bank has been very critical in spearheading a new way of development and infrastructure funding. Here in South Africa we’re developing a process that we call blended infrastructure funding which the New Development Bank will be a very great partner for us as we move forward.

 

  1. Colleagues, I know that some of our Vice Presidents will be retiring. I wish them well and I would like to thank them for the work that they’ve done for our institution since its foundation.

 

  1. Mr. Chairman of the Board of Governors, Corporate Secretary. Thank you very much and I wish us a successful meeting.

 

  1. Thank you very much indeed.