The New Development Bank (NDB), formerly known as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa) in 2014. The NDB aims to finance infrastructure and sustainable development projects in the BRICS and other emerging economies and developing countries, complementing the existing efforts of other multilateral and regional financial institutions.
The New Development Bank (NDB), a multilateral development bank established by the BRICS countries, has a new head: former Brazilian President Dilma Rousseff. Rousseff was unanimously elected by the NDB Board of Governors on 24 March 2023, replacing Marcos Prado Troyjo, who also served as Brazil’s Economy Minister. Rousseff is the third president of the NDB, after K.V. Kamath from India and Troyjo from Brazil. Rousseff is expected to lead the NDB in its mission to finance infrastructure and sustainable development projects in the BRICS and other emerging economies and developing countries. Rousseff is also the first woman to head the NDB, as well as the first former head of state to do so.
The NDB has been expanding its membership and operations since its inception. In 2020, the NDB approved four new members: Bangladesh, United Arab Emirates, Uruguay and Uzbekistan. These countries joined the NDB as non-founding members with equal rights and obligations as the founding members. The NDB also opened its first regional office in Johannesburg, South Africa, in 2017, followed by its second regional office in Sao Paulo, Brazil, in 2019. The NDB plans to open more regional offices in Moscow, Russia; New Delhi, India; and Beijing, China.
The NDB has also been increasing its lending portfolio and diversifying its focus areas. As of December 2022, the NDB had approved 96 projects worth USD 32.8 billion in its member countries. The NDB’s focus areas include clean energy and energy efficiency, transport infrastructure, water and sanitation, environmental protection, social infrastructure and digital infrastructure. The NDB also supports projects that are climate-smart, disaster-resilient, technology-integrated and socially-inclusive.
The NDB has been recognized as a key player in the global development finance landscape. The NDB has received high credit ratings from major rating agencies such as S&P Global Ratings and Fitch Ratings. The NDB has also established partnerships and cooperation agreements with other multilateral development banks such as the World Bank Group, the Asian Development Bank, the African Development Bank and the Inter-American Development Bank.
The NDB’s vision is to become a premier development bank for emerging economies and developing countries in a multipolar world. The NDB aims to promote cooperation and solidarity among its members and foster innovation and knowledge sharing for sustainable development. The NDB also strives to uphold the principles of transparency, accountability and efficiency in its operations and governance.