SHANGHAI | Xinhua | Dilma Rousseff, president of the New Development Bank (NDB), emphasized the impressive growth potential of BRICS economies in a recent statement to Xinhua.
“By GDP measures, BRICS countries have already surpassed the G7 in significance,” remarked the former Brazilian president.
BRICS, which stands for Brazil, Russia, India, China, and South Africa, consists of five major emerging markets with substantial economic promise. In addition to the new full members that joined on January 1, 2024, over 30 countries, including Thailand, Malaysia, Türkiye, and Azerbaijan, have either applied for membership or shown interest in joining, while numerous developing nations seek closer collaboration with the group.
Rousseff highlighted the necessity for emerging and developing countries to establish effective mechanisms and instruments, which led to the creation of the NDB and the Contingent Reserve Arrangement.
During the sixth BRICS summit in Fortaleza, Brazil, in July 2014, leaders from the original five nations witnessed the signing of the Agreement on the New Development Bank.
The NDB aims to secure vital investments in infrastructure, encompassing logistics and digital sectors, as well as social infrastructure, including educational facilities, and advancements in science, technology, and health, Rousseff noted.
She added that the NDB serves as a crucial platform for international cooperation, amplifying the voices of BRICS countries while also reflecting the shared aspirations of other nations.
Headquartered in Shanghai, the NDB was established in 2014 by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects within BRICS member nations and other emerging and developing economies.
Since its inception, the bank has expanded its membership to include Bangladesh, the United Arab Emirates, Uruguay, and Egypt as new members in 2021.
To date, the NDB has invested nearly $35 billion in sectors such as clean energy, energy efficiency, transportation infrastructure, water resources, sanitation, and digital infrastructure, thereby contributing positively to global economic governance.
