The New Development Bank starts with an objective of funding infrastructure projects in the developing countries and meet the aspirations of millions through sustainable development.We at the New Development Bank, will listen, learn, collaborate and innovate. A significant aspect of our path would be to establish global, regional and local partnership with the new as well as established MDBs and with market participants.
Current financing and investment patterns are inadequate in meeting investment needs. Private international capital flows are not only volatile they are also insufficient in volume and maturity to fund sustainable development, which typically requires long-term investment. Multilateral Development Banks (MDBs) can play a pivotal role in meeting these requirements. While the annual resource commitment from MDBs has gone up from USD 45 billion to over USD 100 billion over a 10 year period, it is still insufficient to meet the infrastructure development investment of over USD 1 trillion a year. There is therefore a need for MDBs to reinvent themselves and introduce innovative instruments. The New Development Bank vision is not restricted to funding infrastructure requirements but envisages building a knowledge sharing platform among the developing countries and promote sustainable development.
The New Development Bank is key milestone of the cooperation among emerging economies and developing countries. It is a testament of coming of age of these countries in the world of development finance.