Mr. K.V. Kamath, President of the New Development Bank reported to the Leaders of Brazil, Russia, India, China and South Africa during the 11th BRICS Summit in Brasilia, Brazil.
“Thus far, the NDB has approved 46 projects for USD 12.8 billion in our member countries. By the end of this year, we expect the approvals to reach about USD 15 billion. In 2020, we are targeting approvals of USD 8-10 billion,” said Mr. K.V. Kamath.
“We are measuring the impact of our work through our contributions to the achievement of the Sustainable Development Goals that our members have committed to. We are also supporting projects that address some of the core developmental needs in our member countries, as articulated in their development agendas,” said the NDB President.
Mr. K.V. Kamath highlighted operations of the Bank in its member countries:
- In Brazil, the NDB is supporting improved physical connectivity of remote areas to logistical hubs while simultaneously laying the infrastructure for enhanced digital connectivity.
- In Russia, in addition to financing infrastructure that will conserve and improve accessibility to historic and cultural centers, the Bank is moving into new areas such as bringing digital technologies to the judicial system, expanding higher education and supporting the railway sector.
- In India, the NDB is investing in improving connectivity of rural areas to markets and opportunities, as well as in better management of water resources.
- In China, the Bank is contributing to the rehabilitation and restoration of environmental assets that were adversely impacted during the phases of rapid growth and lending for innovative green technologies.
- In South Africa, the NDB is assisting energy and water projects, two areas that are at the heart of the country’s economic and social challenges.
“NDB has thus far received USD 5.6 billion in capital, including advance payments of the fifth installment by China and Russia. We expect to receive the balance USD 900 million of the fifth installment from our other three members by January 2020,” stated the NDB President.
Going forward, the Bank is capable of sustaining between USD 8-10 billion of annual lending. With the initial USD 10 billion of capital that has been provided to it by the founding members, by 2027, the Bank can achieve a total asset book of about USD 50 billion.
Original source: NDB
Published on 15 November 2019
