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30.11.23 09:05

Economy

The Board of Directors of NDB BRICS held its 42nd meeting in the UAE

At the meeting, the Board considered a number of important issues including project approval, financing and strategy for 2024

The Board approved a loan of up to $500 million to the Republic of India for the Gujarat Rural Roads Development Programme.

This programme aims to improve access to markets, health and education centres in Gujarat, contributing to its economic growth. More than 12 million people of Gujarat are expected to directly benefit from this programme. This is reported by the official website of New Development Bank.

It also approved a rural road construction project in Bihar, the second phase of which will be financed by a loan of up to $638.12 million. This project also aims to improve transport connectivity in rural areas and improve the living standards of the people.

In addition, the Board approved a $50 million loan for a sustainable infrastructure project in Zhejiang Province, China. This is the first non-sovereign NDB loan in China and will be used to finance projects in clean energy and energy efficiency, transport, water supply, and sanitation.

During the meeting, the Board received information on the implementation of ongoing projects and an independent evaluation of four NDB-financed projects. Recommendations for project appraisal for the coming year were also presented.

Photo: IStock

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Aleksander Alimov

Deputy Minister of Foreign Affairs of Russia

"We are convinced that the only way to make the information space more stable, secure and predictable is through international cooperation. No country is capable of countering cross-border ICT threats on its own. There is a need to develop common rules of the game applicable to all, which would regulate the actions of states and their companies in the digital sphere. [...] The first step in this direction has already been taken with the adoption by the UN General Assembly in December 2024 and the signing in October 2025 of the UN Convention against Cybercrime, developed at Russia’s initiative. This is the first universal treaty in the field of international information security. Seventy-five countries have signed the document. We call on all countries to sign and ratify this Convention"

Batyr Berdyklychev

World Health Organisation Representative in Russia

"International cooperation can help detect risks quicker, also exchange the results of research and coordinate the response measures. Without this coordination, the consequences of the global crisis could be heavier. [...] We are witnessing the world becoming more and more interconnected and interdependent. Every outbreak of infection in one region can be a potential threat globally. The experience shows us that the resilience of healthcare systems affects economic stability, the national security of states and public trust"

Xi Jinping

President of the People’s Republic of China

"As permanent members of the UN Security Council and important major countries in the world, China and Russia should take a strategic and long-term perspective, drive the development and revitalisation of our respective countries through comprehensive strategic coordination of even higher quality, and work to make the global governance system more just and reasonable"

Mikhail Mishustin

Chairman of the Government of the Russian Federation

"In Russia, it is expanding at nearly twice the pace of the rest of the information technology sector. Over half of all enterprises are actively engaged in the implementation of such technologies. We witnessed this at practically every stand"

Dilma Rousseff

President of the New Development Bank

"The Bank will be strengthening its role as a platform for cooperation among its members, supporting initiatives in digital infrastructure, energy transition, advanced low-carbon energy technologies, intelligent hospitals, and all sorts of innovation, amplifying the comparative advantages of our member countries. […] NDB will continue to pursue gradual, balanced membership expansion and strengthen its role as a unified voice and platform for the Global South, amplifying members' priorities and mobilising collective solutions to share developing challenges"

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The Board of Directors of NDB BRICS held its 42nd meeting in the UAE

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