CAPE TOWN – The New Development Bank (NDB) will place a greater emphasis on sustainable development, its president Kundapur Vaman Kamath said on the opening day of the 4th annual meeting of the NDB in Cape Town.
The NDB is a development bank established by the BRICS (Brazil, Russia, India, China and South Africa) bloc of countries.
According to Kamath, the share of the BRICS countries in world GDP in Purchasing Power Parity (PPP) terms has grown from 30 per cent to 36 per cent in the last nine years.
"This growth has put increased pressures on natural resources and the environment," he said. "Fortunately, however, our members have explicitly recognised these pressures and are increasingly investing in undoing some of the past damages."
Speaking at the Cape Town International Convention Centre, he said that the Bank "supports our members’ commitment to sustainable development".