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New Development Bank

multilateral development bank established by the BRICS states

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). According to the Agreement on the NDB, the Bank will support public or private projects with loans, guarantees, and other financial instruments and will cooperate with international organizations and other financial entities, and provide technical assistance for projects that are supported by the Bank.

BRICS - Brazil, Russia, India, People's Republic of China, South Africa.

Quotes

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  • The much hyped rise of the BRICS (Brazil, Russia, India, China and South Africa) has lately been met with equally fervent declarations of their demise. In this article... I contest this assessment by arguing that the emerging powers were never solely, nor most importantly, merely an economic phenomenon. Instead, I show that emerging powers—specifically Brazil, India and China—have become an important political force in the global trading system and have had a profound and lasting impact on the World Trade Organization (WTO)). Contrary to the widespread assumption that these countries are too diverse to ally, I argue that the emerging powers displayed a remarkable degree of unity and cooperation, working in close concert to successfully challenge the dominance of the US and other established powers. As evidenced by the collapse of the Doha Round, the collective rise of Brazil, India and China substantially disrupted the functioning of one of the core institutions of the liberal economic order created under US hegemony.
  • The role of the BRICS New Development Bank (NDB) during COVID-19 has validated the original rationale to create a new multilateral development bank... As the COVID-19 pandemic rapidly spread from Wuhan in Hubei province to surrounding regions, the Chinese Government turned to the newest multilateral development bank, the BRICS New Development Bank (NDB) for support. Within weeks of the loan approval, the NDB disbursed $1bn to Hubei, Henan and Guangdong, the three most affected provinces in China. This loan, the single largest of the Bank to date, was earmarked to provide financial support for unplanned emergency health expenditure related to the fight against COVID-19....In 2008 for example, when few financial institutions were lending during the global financial crisis, it was the multilateral development banks which significantly increased their lending.... Under usual circumstances, it can take several months for loans to be disbursed for an infrastructure project. Disbursements for COVID-19 related assistance were made as bullet payments within three to four weeks after the loans were approved.... To date, the Bank approved and largely disbursed $4bn, which comprised of a $1bn COVID-19 response loan each to China, Brazil, India and South Africa. The full $10bn to be allocated during 2020 represents additional development assistance which would not have been available if the NDB was not created five years ago.
    • COVID-19: How multilateral development banks can lead through a crisis, Leslie Maasdorp, World Economic Forum (17 July 2020)
  • Fruitful exchange of opinions concerning the drug situation in the BRICS states, the international and regional trends of illegal trafficking in narcotic drugs, psychotropic substances and their precursors, as well as the impact of various internal and external factors on the situation took place during the summit.... The common points emerged during the discussions include need for real time information sharing among the member states and need to curb increased drug trafficking through maritime routes. Misuse of darknet and other advanced technologies for drug trafficking was one of the key focal areas of the meeting...
    The growing economic might of BRICS countries, their significance as one of the main driving forces of global economic development, their substantial population and abundant natural resources form the foundation of their influence on the international scene and are the driving forces behind the grouping. Among other areas of collaboration, matters pertaining to drug trafficking is an important area of cooperation among the BRICS member states
  • Eradicating poverty is high on the list of both the Millennium Development Goals and Sustainable Development Goals. Both, were endorsed by the heads of state or government of the 190-plus member countries of the United Nations, including BRICS. As a member of the UN as well as BRICS, China's contribution to global poverty reduction is much more than its contribution to global economic growth... China is set to eliminate absolute poverty by the end of this year... There is no doubt that the fast economic growth in China and India has played a key role in reducing poverty in the two countries. Slower but positive growth－before the novel coronavirus pandemic broke out－also helped the other BRICS countries to lower their poverty rates...
    In short, all BRICS countries have made progress in poverty alleviation work, even though the progress has been uneven due to their different growth rates and the levels of inequality in their societies. But despite growth playing a dominant role in poverty reduction, it would be a mistake to overlook inequality, because a high level of inequality directly undermines growth potential and indirectly offsets the beneficial impact of growth on poverty reduction.
  • Deputy foreign ministers and special representatives of BRICS countries for the Middle East and Northern Africa have underlined importance of non-interference in the work of Syria’s Constitutional Committee in Geneva, they said in a joint statement following a consultative meeting held via videoconference on Friday. The meeting participants noted the importance of lunching the committee with the decisive contribution of the Astana peace process guarantors and all other countries involved in the peaceful resolution of the conflict and also welcomed efforts of Geir Pedersen, UN Secretary-General Special Envoy for Syria, to establish a sustainable and effective operation of this body. "Conviction was expressed that to reach common ground the Constitutional Committee members should be guided by pursuit of compromise and constructive cooperation without foreign interference," the text reads. The parties also reaffirmed their commitment to sovereignty, independence and territorial integrity of Syria, noting that the conflict in this country cannot be resolved militarily. "They also reaffirmed their commitment to advancing political process, led and guided by Syrians themselves through the UN cooperation in accordance with UN Security Council Resolution 2254, which should result in a constitutional reform as well as free and fair elections," the diplomats stressed.
    • Russian News Agency TASS Syria’s Constitutional Committee should work without foreign interference, says BRICS, TASS, (28 August 2020)
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