Virtual Seminar Discussed Financing Social Infrastructure and the Role of Digital Technologies

On May 13, 2021, the New Development Bank (NDB) and the Ministry of Finance of India co-hosted a Seminar on Social Infrastructure Financing and the Use of Digital Technologies. The Seminar explored ways of scaling up and enhancing financing for social infrastructure in the BRICS countries, with a special focus on the use of digital technologies to improve the delivery and quality of social services. The Seminar was organized in connection with the BRICS 2021 Economic and Financial Cooperation Agenda under India’s Chairmanship of the BRICS.

“The BRICS, our countries, are home to more than 40% of the world’s population. We are big consumers of social infrastructure. But our Seminar today also examines how BRICS can lead the way and increasingly become major producers of social infrastructure solutions at a global level,” said NDB President Mr. Marcos Troyjo.

“Multilateral development institutions such as ours have an essential role to play in supporting social infrastructure. And such a role goes beyond financial resources. We must be there convening stakeholders, mainstreaming good practices, fostering conducive ecosystems and, of course, leading the conversation on social infrastructure as we are doing today,” highlighted Mr. Marcos Troyjo. “The New Development Bank aspires to become the premier development agency for social infrastructure, not only in the BRICS but across emerging countries.”

“As the NDB moves into the next cycle of five years, social infrastructure is ingrained as part of our DNA, as part of our strategy. Three words – three concepts – can capture NDB’s approach to social infrastructure. The NDB sets out to be catalytic, innovative and impactful.”

Participants in the Seminar included global thought leaders from governments, national and multilateral development institutions, academia and the private sector. Mr. Ajay Seth, Alternate Governor of NDB and Secretary (EA) of the Department of Economic Affairs at the Ministry of Finance of India delivered the opening speech of the Seminar. The keynote speech was provided by Professor Jeffrey D. Sachs, Director of the Center for Sustainable Development at Columbia University.

In his speech, Professor Jeffrey D. Sachs encouraged the New Development Bank to explore the synergy of investing in digital connectivity, environmental sustainability, and human capital. Professor Sachs also highlighted the importance of improving the education, healthcare and other social services in the member countries of the Bank through the use of digital technology, helping them to leapfrog and reduce the development divide in the coming years.

Other interventions were delivered by Mr. Baldeo Purushartha, Joint Secretary of the Department of Economic Affairs, Ministry of Finance of India; Mr. Maxim Merkulov, Managing Director of VEB.RF; Mr. Ronaldo Lemos, Professor at the Schwarzman College at Tsinghua/Columbia University; Ms. Anu Madgavkar, Partner, McKinsey Global Institute; and Mr. Abhishek Gopalka, Managing Director & Partner, New Delhi, Boston Consulting Group.

View the full Seminar on YouTube: https://youtu.be/omEKx6ytp-E

Background information

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. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021. The NDB received AA+ long-term issuer credit ratings from S&P and Fitch and AAA foreign currency long-term issuer rating from Japan Credit Rating Agency (JCR) and Analytical Credit Rating Agency (ACRA).