NDB crucial institution for promoting sustainable development: BRICS members
The BRICS countries on Saturday said the New Development Bank (NDB) is a crucial institution for promoting sustainable development, reducing inequalities and supporting resilience in emerging economies.
“As the New Development Bank embarks on its second golden decade of high-quality development, we recognise and support its growing role as a robust and strategic agent of development and modernisation in all shareholder countries and in the Global South,” said the ‘New Delhi Declaration’ issued by BRICS members. The members underscored the NDB’s growing role in meeting the development priorities and infrastructure needs of Emerging Markets and Developing Countries (EMDCs). BRICS also encouraged further efforts by the bank to expand steadily its capacity to mobilise resources, foster innovation, expand local currency financing, diversify funding sources, and support impactful projects that advance sustainable development, reduce inequality, and promote infrastructure investments and economic integration.
“We recognise NDB as a crucial BRICS institution for promoting sustainable development, reducing inequalities, and supporting resilience in emerging economies,” the Declaration said. The BRICS countries further encouraged the NDB to follow a member-led and demand-driven principle and continue strengthening its governance framework to enhance its institutional resilience and operational effectiveness. The BRICS also reiterated support for the further expansion of NDB membership and expedited consideration of applications of interested BRICS countries, in line with the NDB General Strategy and its related policies.
Established in 2015 by BRICS countries, the New Development Bank is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other EMDCs. The leaders of BRICS countries are meeting in the National Capital on September 12-13 for the 18th BRICS Summit, being held under the theme: ‘Building for Resilience, Innovation, Cooperation and Sustainability’.
