The Covid-19 pandemic is bringing "unparalleled challenges," but the
BRICS New Development Bank (NDB)
is "rising to the occasion" to tackle the crisis and boost the trade
bloc's economic recovery, said NDB President
Monday's annual BRICS Interbank Cooperation Mechanism Financial
Forum was hosted by Russia, to which the
BRICS presidency passed
It was held as a video
conference and chaired by Russian bank VEB.RF's
As well as Troyjo,
the president of
China Development Bank, Ouyang Weimin
the president of
the Brazilian Development Bank, Gustavo Montezano
the chairman of
the Development Bank of South Africa, Enoch Godongwana
director of India's Export-Import Bank, David Rasquinha
crisis being the main theme in 2020, Troyjo said,
"The bank contributes
to the ongoing efforts of our BRICS countries in facing up to
the health and economic consequences of Covid."
The NDB has already
allocated $10 billion in committed support through its emergency
assistance program, of which $5 billion is designed to finance
health and social relief, and another $5 billion is targeted at
supporting economic recovery.
Troyjo added that four Covid-19 emergency program loans, totaling $4
billion, have already been approved for Brazil, India, China, and
The bank is currently
considering another $1 billion that was requested by Russia, he
According to the NDB president, the bank,
"is working at full
speed on supporting economic recovery."
The scope of that program
access to small and medium-sized companies
infrastructure to facilitate economic activity and job
of production capacity in key sectors affected by the
economic recovery by financing key infrastructure projects
Troyjo noted the NDB's
"remarkable achievements," and the increase in the number of
projects it is supporting.
"The NDB loan book
now stands at $21 billion, and by the end of this year, we
expect approvals to reach $26 billion," he said.
Speaking about the bank's
vision for the next five years, he said:
"We want to position
the NDB as the premier multilateral development institution
He added that there are
plans to expand the trade bloc's membership and strengthen the role
of the NDB as a platform for international cooperation.
Shanghai-based NDB, which was established in 2014, provides
funding for infrastructure and sustainable development projects in
With capital of up to
$100 billion, it aims to continue issuing financial products
denominated in the local currencies of its member states.
The 12th BRICS Summit will be held on November 17, and
will be attended virtually by the heads of state of the five member