“The New Development Bank was born out of a shared determination among emerging economies to address the glaring financing gap for sustainable development. For too long, traditional financial institutions failed to reform, limiting credit availability and diversity for countries like ours.”
New Development Bank (NDB): A Decade of Fairer Finance and Development for the Global South
As the New Development Bank (NDB), often called the “BRICS Bank,” celebrates its 10th anniversary, African nations and the wider Global South are taking pride in an institution that represents a new, fairer model of international finance, one built on equality, sustainability, and the empowerment of emerging economies.
On July 4, 2025, in Rio de Janeiro, Brazil, President Luiz Inácio Lula da Silva joined NDB President Dilma Rousseff to commemorate a decade since the bank’s founding at the 2014 BRICS Summit in Fortaleza. The event highlighted the NDB’s vital role in challenging the outdated global financial architecture and pushing for reforms that better serve developing countries.
READ MORE: BRICS Pushes for New World Order with Southern Leadership
President Lula da Silva emphasised the bank’s significance:
“The New Development Bank was born out of a shared determination among emerging economies to address the glaring financing gap for sustainable development. For too long, traditional financial institutions failed to reform, limiting credit availability and diversity for countries like ours.”
He also pointed to the NDB’s leadership in initiatives such as the Global Alliance Against Hunger and Poverty and the BRICS Tuberculosis Research Network, showcasing its commitment beyond finance to social impact.
A Vision Rooted in Political Will and Practical Action
Dilma Rousseff, who was Brazil’s president when the NDB was created and now leads the institution, described the bank as “not just an institutional milestone but a political declaration of intent.”
She stressed that while the first decade laid the foundation, the next must consolidate the NDB’s role as a transformative force in a multipolar world, one that is financially strong, politically relevant, and dedicated to equitable development.
With South Africa as a founding member, the NDB’s impact resonates deeply across the continent. The bank has approved over $39 billion in financing for more than 120 projects spanning infrastructure, clean energy, transportation, water, and environmental protection across BRICS countries and beyond, including several African nations.
In South Africa alone, NDB funding has supported critical infrastructure projects that drive economic growth and social progress. The bank’s commitment to allocating 40% of its funds to sustainable development aligns with Africa’s urgent climate and development challenges.
READ MORE: BRICS Must Accept More Members To Become A True Catalyst For A New, Better World Order
Climate finance was a key theme at the anniversary event and the ongoing BRICS Summit. President Lula da Silva noted that while global financial flows remain insufficient to meet Sustainable Development Goals, the NDB’s governance model based on equality offers a hopeful alternative.
Since its inception, the bank has committed over $40 billion to projects promoting clean energy, energy efficiency, and climate resilience. Its swift response to natural disasters, such as the recent floods in Brazil’s Rio Grande do Sul, demonstrates its operational agility.
President Rousseff underscored the bank’s role in “scaling up investments in green infrastructure, clean energy, and climate-smart technologies, especially for countries most vulnerable to climate change.”
Expanding Membership and Future Ambitions
The NDB is broadening its reach beyond the original BRICS nations, welcoming new members like Colombia and Uzbekistan, which enhances its global influence and capacity to mobilise resources.
The BRICS leaders reiterated strong support for the bank’s expansion and governance reforms, recognising it as a strategic agent for development in the Global South.
Brazil’s Finance Minister Fernando Haddad, present at the anniversary, reflected on the NDB’s unique approach:
“We are proving that a cooperative financial model tailored to the needs of emerging economies is not only possible but essential. The coming decade must see even greater ambition, stronger partnerships, and lasting impact for our people.”
The NDB stands as a beacon of what emerging economies can achieve when they unite around shared goals. Its innovative approach, emphasizing local currency financing, private sector engagement, and inclusive development, challenges the dominance of traditional Western-led financial institutions.
As the NDB embarks on its second decade, African nations and the Global South look to it not only as a source of funding but as a partner in shaping a fairer, more sustainable global economic order. (BRICS)
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