Interview: New Development Bank will continue to expand its "circle of friends" - Interview with New Development Bank President Rousseff Project | Development | Bank
Shanghai, August 25th (Xinhua) - New Development Bank will continue to expand its "circle of friends" - Interview with New Development Bank President Rousseff
Xinhua News Agency reporter Zhou Rui
New Development Bank President Rousseff recently stated in a written interview with Xinhua News Agency that the bank will continue to expand its "circle of friends", promote further expansion, and continue to support member countries in local currency investment and financing.
Rousseff said that expanding staff will help banks solidify their capital base, integrate into broader trade relations and diversified development projects, and strengthen the role of the New Development Bank as a true platform for cooperation between countries in the "global South". "This will help build a financial structure with the characteristics of multilateralism and a multipolar world, which is conducive to listening to the voices of all parties."
The New Development Bank, headquartered in Shanghai, is a multilateral development bank jointly established by Brazil, Russia, India, China, and South Africa in 2015. Its aim is to mobilize resources for infrastructure and sustainable development projects in emerging economies such as the BRICS and developing countries, and to contribute to global growth and development as a multilateral and regional financial institution.
In 2021, the New Development Bank launched an expansion to include Bangladesh, Egypt, the United Arab Emirates, and Uruguay as new member countries.
On the 24th, the 15th special press conference of BRICS leaders announced the invitation to Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran, and Ethiopia to officially become members of the BRICS family.
Rousseff said, "In terms of 2023 and 2024, we already have 76 projects in preparation, with a total scale of 18.2 billion US dollars. The New Development Bank has sufficient capital and the ability to make efforts in the field of sustainable development."
On the 15th of this month, New Development Bank successfully issued 1.5 billion rand bonds in the domestic bond market in South Africa. This is the first time New Development Bank has issued local currency bonds in South Africa, and also the second time the bank has issued local currency bonds in BRICS countries. Following South Africa, the New Development Bank will explore the possibility of India issuing rupee bonds for the first time within this year.
Rousseff also pointed out, "According to the plan, by 2026, the New Development Bank will increase the proportion of financing in member country currencies to 30%."
As of now, the loan amount of New Development Bank has reached 35 billion US dollars, and nearly 100 projects from member countries have been approved.