NDB stresses on alignment with BRICS Business Forum

NDB has been set up by Brazil, Russia, India, China and South Africa BRICS to mobilise resources for infrastructure and sustainable development projects in the bloc and other emerging economies, as well as in developing countries. Onkar Kanwar, Chair, BRICS Business Council India Chapter, said sustainability is the core of NDB operations as the bank completes its first five-year cycle.

New Development Bank (NDB) on Wednesday stressed on alignment with the BRICS Business Forum, which would underscore further potential in collaborating with businesses. NDB has been set up by Brazil, Russia, India, China and South Africa (BRICS) to mobilise resources for infrastructure and sustainable development projects in the bloc and other emerging economies, as well as in developing countries. Alignment of the BRICS Business Forum with NDB would underscore further potential in collaborating with business, NDB President Marcos Troyjo said. He was addressing a Plenary Session with BRICS Business Council National Chapter Chairs. NDB has more than 70 projects in all member countries, and the project approval is nearly USD 30 billion, he said. ''The bank supports strategic infrastructure projects as it addresses its core developmental needs and contributes to sustainable development goals, transport urban development, clean energy, infrastructure, and environmental efficiencies,'' he added. The NDB enjoys today the highest credit rating assigned to any multilateral bank established solely by emerging economies, he pointed out. ''Meeting the sustainable development agenda necessitates large-scale and long-term investments in physical, social and digital infrastructure. Therefore, we map contributions of investments to fulfilling commitments made by our member countries,'' Troyjo said. Onkar Kanwar, Chair, BRICS Business Council India Chapter, said sustainability is the core of NDB operations as the bank completes its first five-year cycle. ''Green and clean energy has always been a key focus on NDB operations, and the bank has approved 50 clean energy projects in the last five years, many of which are focused on renewable energy. ''We also hope NDB will serve as a catalyst in other priority areas like infrastructure and agribusiness,'' Kanwar said. He also lauded the role of the USD 300 million support to cellular network and cloud service expansion in Russia. ''India is currently in the process of setting up a developmental financial institution called National Bank for financing infrastructure and development which is primarily aimed at funding large infrastructure projects,'' he added. Speaking on driving investment in Tamil Nadu, Pooja Kulkarni, MD and CEO, Guidance, said: ''As an agency that monitors and develops policy for investment opportunities, we welcome and look forward to handholding the investors to set up operations in Tamil Nadu, the second-largest economy in India with 8 per cent of the national GDP.'' Established in 1992, Guidance is Tamil Nadu government's nodal agency for investment promotion and single window facilitation. Chairs of other BRICS Business Council from Brazil, Russia, China and South Africa also presented their views during the meet. To boost trade and economy within the BRICS nations, the Department of Commerce, Government of India, along with FICCI, is organizing the 2nd BRICS Trade Fair, the industry chamber said in a release. This is the largest platform for Indian companies to meet and network with counterpart businesses from Brazil, Russia, China and South Africa. More than 600 companies are expected to showcase their products and services at the expo. The BRICS Trade Fair 2021 had witnessed participation of over 5,000 delegates, and the event had over 2,500 pre-fixed B2B meetings, among others.

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