Statement by Mr. Anton Siluanov, Minister of Finance of the Russian Federation, Chairperson of the NDB Board of Governors
At the Sixth Annual Meeting of the Board of Governors of the New Development Bank, 30 March 2021
- Your Excellencies, Governors, Directors, President Troyjo, colleagues,
- I am happy to welcome you to the 6th Annual Meeting of the Board of Governors of the New Development Bank. It is the second time that we have to meet in a virtual format.
- We are facing the largest recession since the Great Depression. According to the IMF, in 2020 the reduction of the global economy amounted to almost 3.5%. Due to fiscal and monetary measures taken by the Governments of our countries, the aggregate drop of the [total] GDP of BRICS economies stood at 0.9%, which is way lower than similar indicators for advanced economies as well as developing countries. International development institutions promptly responded and provided support to the states in fighting the pandemic. I would like to note the prompt and efficient action taken by the Bank’s management. New Development Bank has become the first multilateral development bank that provided large-scale response to economic challenges posed by the pandemic. As of today, the Bank has provided fiscal support to the shareholder states amounting to over USD 8 billion.
- The establishment of the New Development Bank has become one of the major practical achievements of the BRICS forum. This year, we are coming to an end of the first Strategy of the Bank. One of the priority tasks for the next five-year period for the Bank should be further transformation of the New Development Bank, turning it into a full-fledged practical platform for expansion of economic cooperation between BRICS economies. I sincerely hope to see in the Bank’s portfolio large-scale multilateral projects.
- In the short period of its existence, the Bank has come a long way from an ambitious idea to becoming a full-fledged financial institute. Financial indicators speak for themselves.
- The Bank obtained very high ratings from leading international and national rating agencies. I am convinced that in the next five years the Bank will be able to fully tap its potential as a global development institution.
- Achieving sustainable and inclusive growth, introduction of principles of ‘responsible investment’ is becoming one of the key priorities for economic policies of our countries. At the same time, the pandemic has posed new challenges to development institutions that today have to focus more on the development of human capital and creating advanced and modern social infrastructure.
- Since its establishment, the New Development Bank has always been considered by its founders as a global institution. In that respect, we believe that we need to speed up our efforts to expand membership of the Bank. I hope this year the Board of Governors will finally take a decision on new members. It is an exceptionally important stage in the development of the Bank, and Russia will make a great effort to help the New Development Bank move in this direction.
- I wish you all and your loved ones all the best. Stay healthy, stay well. And I hope we shall meet again offline at the next Annual Meeting.
- Thank you.