Dilma pushes expanded green-focused NDB at Moscow BRICS meet
São Paulo, May 20
The President of the New Development Bank, Dilma Rousseff, called for the institution to enter a new phase focused on expansion, innovation and strengthening cooperation across the Global South during the 11th Annual Meeting of the bank's Board of Governors held in Moscow on May 14-15.
Held under the theme "Financing Development in an Era of Technological Revolution", the meeting brought together ministers, government officials, financial leaders, business representatives and experts to discuss future development priorities.
In her opening remarks, Rousseff said the NDB must prepare for a new strategic cycle and outlined a vision of a larger, greener, more digital and agile institution. She emphasised that financing in local currencies would remain a key priority and said the bank would continue to expand engagement with new members while strengthening South-South cooperation, as reported by Brasil 247.
Russian Prime Minister Mikhail Mishustin described the NDB as a major pillar of the emerging financial system of the Global South and advocated for a greater role in innovation financing. He said the institution has the potential to evolve into an "international innovation bank" supporting long-term investment and technological growth.
Russian Deputy Prime Minister Alexey Overchuk highlighted sovereignty and consensus as key strengths of BRICS cooperation, while Finance Minister Anton Siluanov stressed the need for stronger scientific, financial and technological collaboration.
Economist Jeffrey Sachs called the NDB a crucial institution, citing its role in addressing geopolitical, ecological and technological transformations.
The Board of Governors also announced that Nirmala Sitharaman will chair the Board, with India set to host the NDB's 12th Annual Meeting in 2027.
— ANI
Reader Comments
Dilma Rousseff seems genuinely committed to green finance. But I wonder how much of this actually reaches grassroots projects in India. So far, multilateral banks have been slow with disbursements. Hope NDB proves different. 🌱
Nirmala Sitharaman as chair? That's a big win for India. We're hosting the 2027 meet too. BRICS is slowly becoming a real counterweight to Western-dominated institutions. But execution matters more than rhetoric. 🤔
Love the focus on 'technological revolution' — India's digital infrastructure could really benefit from this. UPI, Aadhaar, CoWin — we've shown the world how tech can leapfrog development. More such collaborations please! 🇮🇳✨
Private sector needs to be involved more aggressively. Government-to-government funding has limits. If NDB can partner with Indian startups working on clean energy or agri-tech, that would be game-changing. Let's see if they walk the talk. 💡
Interesting to see Russia hosting this amidst sanctions. BRICS is clearly trying to build parallel financial systems. But will it be truly inclusive or just another geopolitical tool? Jeffrey Sachs is right to call it crucial, but transparency will be key.
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