NDB loans for in­fras­truc­ture devel­op­ment

The Star Early Edition - - BUSINESS REPORT -

BRICS’s New Devel­op­ment Bank (NDB) 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. – Xin­hua

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