- Sputnik International, 1920
Analysis
Enjoy in-depth, acute analysis of the most pressing local, regional and global trends at Sputnik!

New Development Bank Can Offer ‘Tremendous Opportunities’ for BRICS Economies

© Sputnik / Grigory Sysoyev / Go to the mediabankA participant of the 2023 BRICS Summit in South Africa on August 22, 2023.
A participant of the 2023 BRICS Summit in South Africa on August 22, 2023. - Sputnik International, 1920, 20.10.2024
Subscribe
The NDB, established in 2014, aims to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries through the provision of loans, guarantees, and other financial instruments.
BRICS New Development Bank (NDB) must concentrate on enabling private sectors to drive economic progress, Alasdair Macleod, an independent economist specializing in money and credit, told Sputnik.
The NDB can introduce a "tremendous scale of opportunities" to economies of BRICS members, which undoubtedly "have enormous growth potential", according to Macleod.
"An emphasis on infrastructure - road, rail, electricity, shipping and communications, including data - with local private sector partners will allow the NDB to spearhead a new industrial revolution," he pointed out.
"This must be done on a commercial basis, and I would hope the NDB will not just make credit available, but also act as a ‘venture capitalist’, taking equity stakes as part of a financing package and introducing businesses to each other proactively across the bank’s network. This will require a network of local offices," the economist concluded.
BRICS Pay promo card on display at the BRICS Business Forum in Moscow. October 18, 2024 - Sputnik International, 1920, 18.10.2024
Analysis
BRICS' New Development Bank 'Has Solid Future' With 'Dozens of Countries Clamoring to Get on Board'
In an address to the BRICS Business Forum in Moscow on September 18, Russian President Vladimir Putin said that the NDB should become one of the main investors in major technological and infrastructural projects both within BRICS, and the Global South as a whole.
NDB President Dilma Rousseff earlier announced plans to transform NDB into "an important bank" for developing countries and emerging markets. "Our focus has to be: a bank made by developing countries for themselves," she emphasized.
Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала