NDB President reports to BRICS Leaders at 13th BRICS Summit

On September 9, 2021, Mr. Marcos Troyjo, President of the New Development Bank (NDB), reported on the Bank’s achievements to the Leaders of Brazil, Russia, India, China and South Africa at the 13th BRICS Summit, held in a virtual format under the chairmanship of the Government of India.

“The NDB is a valuable output of BRICS cooperation. It is an important symbol of what emerging economies can achieve when they work together,” said Mr. Troyjo. “Our portfolio now nears 80 projects. They amount to USD 30 billion of infrastructure that is improving peoples’ lives.”

In his speech, Mr. Troyjo also underlined that the NDB committed USD 10 billion through its COVID-19 Emergency Response Program. “Our Emergency Program supports healthcare and social protection. We help small and medium-sized enterprises, creating jobs and boosting the economy,” he added.

“The NDB has a new organizational structure in place,” said the NDB President. “An ESG department mainstreams environmental, social and governance best practices in all of our activities. Areas fully dedicated to business with the private sector and to talent management are being set up.”

“We continue to improve the balance of our project portfolio across our member countries,” highlighted Mr. Troyjo. “The NDB is closer to its client base thanks to offices in Brazil, South Africa and Russia. Very soon, we’ll open the Indian Regional Office. And in a few months, the NDB Team will operate from new Headquarters in Shanghai.”

The NDB President also provided an update on the expansion of the Bank’s membership, in line with the guidance provided by the BRICS Leaders. After a round of successful negotiations, the NDB admitted the United Arab Emirates, Uruguay and Bangladesh as new members. Mr. Troyjo highlighted that they “extend the Bank’s outreach and diversify its portfolio. They broaden our pool of resources, ideas and experiences.”

In the New Delhi Declaration adopted by the Leaders at the BRICS Summit, the Leaders noted the Bank’s progress as follows:
“We appreciate the NDB’s substantive progress in membership expansion despite challenges emanating from the COVID-19 pandemic. We reiterate that the process of expansion should be gradual and balanced in terms of geographic representation in its membership as well as supportive of the NDB’s goals of attaining the highest possible credit rating and institutional development. We note with satisfaction the discussions held at the Annual meeting of the Board of Governors of the New Development Bank and look forward to the Bank’s second General Strategy for 2022-26. We recognize the role of New Development Bank as vital to addressing health and economic consequences of the pandemic and encourage the NDB to explore the possibility of financing more social infrastructure projects, including those that use digital technologies. We also urge the Bank to enhance its role in mobilizing and catalyzing private capital as well as undertake more co-financing ventures with other Multilateral Development Banks (MDBs) and Development Financial Institutions (DFIs). We look forward to the Bank’s relocation to its permanent headquarters in Shanghai and the opening of NDB’s regional office in India in 2021.”

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. In 2021, NDB initiated membership expansion and admitted the United Arab Emirates, Uruguay and Bangladesh as its first new member countries.