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BRICS 24 May 2022 09:34 Economics

NDB's Board of Governors approves its strategy to 2026

NDB has provided more than $9 billion to fight coronavirus infection

The Board of Governors of the New Development Bank has approved the bank's strategy until 2026, as was announced by the Ministry of Finance of the Russian Federation following a board meeting attended by governors of the Bank's seven shareholder countries - Russia, India, China, South Africa, Brazil, UAE and Bangladesh.

 "In the current situation, the NDB could play an important role for member countries in ensuring energy and food security, development of transport and logistics infrastructure and payment and settlement systems," said Anton Siluanov, Minister of Finance of the Russian Federation.

During the meeting, participants approved a new five-year strategy for the period 2022-2026. "The transformation of the NDB into a full-fledged platform to enhance economic and financial cooperation among the bank's shareholder countries should be one of the main objectives for the next five-year period," Siluanov said.

The participants stressed significant progress in establishing the bank as a full-fledged practical platform for financing infrastructure projects in the territories of its shareholder countries and expanding economic and financial cooperation between them.

The Governors noted the bank's swift and effective work in combating the coronavirus pandemic. The NDB provided over $9 billion to fight the coronavirus infection and to finance public programs of the BRICS countries for economic recovery.

The Board of Governors also discussed the prospects for further expansion of the NDB's shareholder base.

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“BRICS members have a similar approach regarding the governance of the global economy. Our mutual cooperation can make a useful contribution to the global post-Covid recovery.”
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“Through the reform of the multilateral system, including the United Nations, and by refocusing the attention and resources of the global community on the sustainable development agenda, the BRICS group can support a sustained and equitable global recovery.”
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