BOOSTING BRICS: A security guard at the Brics forum meeting in Fuzhou, Fujian province, China. Picture: REUTERS
BRICS’s New Development Bank will put about two-thirds of its loans into sustainable infrastructure development in the next five years, the bank announced in its General Strategy 2017-2021. Physical infrastructure is a critical enabler of economic growth, and sustainability is essential for the physical and social environment of current and future generations, said the bank. NDB also retains the flexibility to provide funding to other areas, including traditional infrastructure and sustainable development projects in line with the borrowing country’s overall development agenda. 

The NDB was founded by Brazil, Russia, India, China and South Africa during their fifth summit in Fortaleza in July 2014 and launched a year later. The bank is an expression of the growing role of Brics and other emerging markets in the world economy, and their greater willingness to act independently in matters of international economic governance and development. NDB is designing a strategy to expand membership to other countries to ensure geographic diversity.