New Development Bank governors hold their first annual meeting

The Ufa Declaration called for more representative international institutions and linked BRICS cooperation to development and a multipolar world order.

Central bank representatives met in Ankara to put the Contingent Reserve Arrangement into practice as a mutual liquidity support mechanism.

The bank signed agreements with China and Shanghai governing its headquarters; the bank described this as the step that made it fully operational.

The bank announced four loans worth a total of US$811 million for renewable-energy projects in Brazil, China, India and South Africa, making development finance concrete.

The RMB 3 billion bond issued in the Chinese interbank market raised capital for the bank’s infrastructure and sustainable-development mandate.

Memoranda with the World Bank Group and Development Bank of Latin America set a basis for project and knowledge cooperation; NDB positioned itself as a complement to existing institutions.

Ministers backed cooperation among young scientists and research networks to address social and economic challenges.

Leaders addressed development, international governance and the need for responsive and collective solutions to shared challenges.

The outreach connected the five members with Bay of Bengal countries in a development dialogue without changing BRICS membership.

Agreements with the Asian Infrastructure Investment Bank and other development banks created channels for potential cofinancing and knowledge exchange.