President of the New Development Bank (NDB) Dilma Rousseff, answering a question from a TV BRICS reporter, stated that the issuance of the Bank’s bonds in Indian rupees is now at the final stage.
The Annual Meeting of the Board of Governors of the New Development Bank (NDB) took place in Moscow on 14–15 May. Following the events, Dilma Rousseff and Russian Finance Minister and Chair of the NDB Board of Governors Anton Siluanov answered journalists’ questions at the final press conference.
“We already have a bond issuance in South African rand, and now the issuance in Indian rupees is at the final stage. […] As a bank of the Global South by its very nature, the NDB must build its own resilience through internal resources. The more resources we have, the greater autonomy we have in relation to programmes. Issuance in local currency is a key issue. We must make this one of our objectives. It is like expanding the presence of us, the countries of the Global South”
Dilma Rousseff
President of the New Development Bank
Rousseff stressed that the use of local currencies is a long-term strategy rather than a tactical approach for the Bank. According to her, the Chinese yuan currently accounts for the largest share of NDB investments denominated in national currencies.
Anton Siluanov, responding to a question from
Xinhua News Agency, a partner of TV BRICS, noted that China, as one of the Bank’s founding shareholders, makes a significant contribution both to the institution’s activities and to shaping its operational priorities.
“We are actively raising resources in yuan to finance projects. Indeed, […] almost 30 per cent of projects are financed in national currencies, and under our strategy, by 2031 the share of such projects financed in local currencies will exceed 45 per cent. Today, the Chinese yuan plays a key role both in attracting resources and in investment,” Siluanov said.
Siluanov also announced that four new shareholders have recently joined the bank: the United Arab Emirates, Bangladesh, Egypt and Algeria. Applications from three additional countries –Uzbekistan, Colombia and Ethiopia – are currently under consideration.
At the opening ceremony of the 11th NDB Annual Meeting of the Board of Governors in Moscow, Rousseff announced the development of the Bank’s new five-year strategy, prioritising financing in national currencies, the expansion of local capital markets, and the exploration of tokenisation opportunities.
