LESLIE MAASDORP: Brics' NDB banks on becoming a climate player
Established in 2015, the bank looks to become a major financier of emerging markets' transition to net zero
In a few weeks, Brics heads of state will gather in South Africa for the 15th Brics summit. July 2023 marks the eighth anniversary of the New Development Bank (NDB), the multilateral development corporation established by the Brics countries (Brazil, Russia India, China and South Africa). The NDB is the most visible expression of the aspiration of Brics to give greater voice to emerging markets and developing countries in the global financial architecture.
The core purpose of the bank is to mobilise resources for infrastructure and sustainable development in Brics countries and beyond. Unlike its established peer multilateral development banks (MDBs), which have non-borrowing members from the industrialised world, the NDB is owned and controlled exclusively by developing countries. In most other respects, the bank embedded the tried and tested business model of MDBs and began its journey to finance sustainable infrastructure projects. The bank was expressly set up, as capture...
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