According to Dilma Rousseff, the bank’s president, the New Development Bank (NDB) would support the addition of new members and financing in the national currencies of member nations.
We already have 76 projects scheduled for 2023 and 2024, for a combined 18.2 billion dollars, according to Rousseff.
This was recently stated by Rousseff in a written interview, stressing that the bank had minimal leverage and was well-capitalized.
The bank is well-positioned to broaden its use as a mechanism for implementing sustainable development initiatives.
According to the Bank’s General Strategy 2022–2026, financing in local currencies is one of the bank’s primary objectives.
“It states that the currencies of our member countries must account for 30% of all of our funding,” said Rousseff.
According to Rousseff, the addition of new members bolstered the NDB’s mission to serve as a genuine forum for collaboration among the nations of the Global South.
“This expands its range of commercial relationships and diversified development initiatives, strengthening its capital foundation.
This will make it possible to build a financial system that embodies multilateralism and a multipolar globe, according to Rousseff.
He also said that many voices will be heard.
Rousseff also stressed the NDB’s dedication to advancing social and gender inclusion and supporting initiatives that can provide a variety of chances.
This would support entrepreneurship and make it easier for people, especially women, to access money, public services, and high-quality jobs.
The NDB, which has its main office in Shanghai, was founded with the aim of mobilising funding for infrastructure and sustainable development projects in BRICS and other developing nations with rising market economies.
This was the case because it supported efforts made by regional and international financial organisations to promote global development and progress.
With the addition of Bangladesh, the United Arab Emirates, Uruguay, and Egypt as new members in 2021, the bank began to grow its membership.
It represented a notable advancement in the bank’s membership as well as a significant step towards the creation of a worldwide multilateral development bank.
