São Paulo, May 20 — At the New Development Bank’s 11th Board of Governors meeting in Moscow on May 14–15, NDB President Dilma Rousseff called for a new strategic phase centered on expansion, innovation and deeper cooperation across the Global South.
Held under the theme “Financing Development in an Era of Technological Revolution,” the meeting gathered ministers, government officials, financial leaders, business representatives and experts to set future priorities for the bank.
In her opening remarks Rousseff urged the NDB to become larger, greener, more digital and more agile. She said the bank should prioritise financing in local currencies, broaden engagement with new members and strengthen South–South cooperation to better address development challenges.
Russian leaders at the meeting endorsed a wider role for the bank. Prime Minister Mikhail Mishustin described the NDB as a key pillar of an emerging Global South financial architecture and advocated expanding its role in innovation financing, suggesting it could evolve into an “international innovation bank” to support long-term investment and technological growth. Deputy Prime Minister Alexey Overchuk pointed to sovereignty and consensus as BRICS strengths, while Finance Minister Anton Siluanov called for closer scientific, financial and technological collaboration.
Economist Jeffrey Sachs praised the NDB’s potential to help manage geopolitical, ecological and technological transitions facing developing countries.
The Board of Governors announced that India’s finance minister, Nirmala Sitharaman, will chair the Board, and that India will host the NDB’s 12th Annual Meeting in 2027.
Report sourced from ANI. This syndicated content is published as received; The Tribune assumes no responsibility for its accuracy or completeness.
