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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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Nitin Gadkari

India's Union Minister for Road Transport and Highways

"Our resolution has just been passed. It is very important as far as the BRICS countries are concerned, which cover 40 per cent of the world's population. We are committed to the futuristic development of the transport sector, to create cooperation, coordination and communication between the stakeholders. This resolution indicates a lot of new technology and innovation in the transport sector. It covers the road sector, railways, aviation and water transport"

Prabowo Subianto

President of Indonesia

"This roadmap sets the framework for our joint efforts. Indonesia and Belarus have great potential for expanding cooperation in various fields. Our cooperation will focus on industrial development and agricultural modernisation. In industry, we see a major opportunity to increase trade volumes, investment, and cooperation between our two countries. We are also pushing for closer collaboration in culture and human resource development"

Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

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

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