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BRICS leaders speak on the New Development Bank in Goa

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From Indian Prime Minister Narendra Modi's Speech At BRICS Leaders' Plenary Session

16 October 2016

"We are entitled to take pride in our initiatives and achievements. 

The establishment of New Development Bank and the Contingency Reserve Arrangement are indeed signature achievements". 

“Second, transform the quantum and quality of trade and investment linkages among BRICS. 

In 2015, intra-BRICS trade stood at about 250 billion US Dollars. 

We should set ourselves a target to double this number to US Dollars five hundred billion by 2020. 

This requires businesses and industry in all five countries to scale up their engagement. 

And, for governments to facilitate this process to the fullest. Our agreement on a tax and custom cooperation framework is a good start. 

The BRICS Trade Fair and Exhibition just concluded in New Delhi should become a regular platform for business exchanges. 

And, the BRICS New Development Bank must play an active role to support this objective. 

It can also help integrate our SMEs into global value chains. We must also coordinate closely to preserve the central role of the Doha Development Round and the WTO”. 

From Indian Prime Minister Narendra Modi’s opening remark at BRICS Business Council Meeting, Goa, India

16 October 2016

“The New Development Bank is fully operational now. Its success is a concrete result of our common efforts.

We congratulate the NDB and its management for commencing the first batch of projects.

NDB has kept clean energy and green and sustainable infrastructure as its priority.

We welcome it.

We would encourage the BRICS Business Council to work closely with the NDB on identifying and implementing prospective economic projects”.

Remarks by President of the Brazilian Republic Michel Temer, during a Plenary Session of the 8th BRICS Summit – Goa/India

16 October 2016

“The BRICS’ first decade is, without a doubt, a decade of achievements, of which we should be proud.

A lot has been done. We have created the New Development Bank and Contingent Reserve Arrangement. These are strong initiatives, the result of mutual trust and constant endeavor in the search for joint solutions. These are initiatives that in practice, translate our convergence in the financial area.

The Bank is the BRICS’ most visible facet. Its success will be the BRICS’ success. Our performance as a group – and our capacity to innovate in the international system – will be assessed based on how well this institution works.

Therefore, one of the priority focuses of our work should be to consolidate the Bank. The successful start of its operations is reason for great satisfaction. Its long term success is conditioned to financial soundness and good management. We are certain that the New Development Bank will go down the right path. It will promote sustainable development and establish itself as a key player among international financial institutions”.

“The BRICS countries are also strong in environmental issues. The New Development Bank’s focus on renewable energy projects is significant. We may increase our partnership in this area”.

From the President of Russia Vladimir Putin’s Speech at BRICS Summit expanded meeting:

16 October 2016

“The New Development Bank and the Contingent Reserve Arrangement have begun their practical work. The Development Bank has already approved the first five investment projects in the clean energy sector, one project in each member country. We hope that the bank will actively develop project financing in the BRICS countries’ national currencies.

One of the key tasks now is to adopt a development strategy for the Bank. We must decide on the geographical and sectorial priorities and then start drafting the criteria for new members’ accession to the bank and set the main parameters for its investment portfolio”.

From the President of China Xi Jinping’s speech at BRICS Summit expanded meeting:

"...the New Development Bank, initiated by BRICS, is a key achievement of the group's cooperation. The Bank has enabled the BRICS nations to cooperate on various projects".

From the Addresses by President Jacob Zuma at the BRICS Leaders’ Plenary Session and the BRICS Business Council Meeting, Goa, India

16 October 2016

“Significant opportunities on the Continent present themselves. However the Continent’s full potential will remain unfulfilled unless we address the challenges related to inadequate infrastructure, small and fragmented markets, under-developed production structures and inadequate economic diversification.

In this regard, the establishment of the New Development Bank Africa Regional Centre in South Africa is welcomed and timely as it will pay particular attention to Africa’s needs in respect of industrialisation and infrastructure as well as sustainable development”.

“A lot of progress has been made in recent times. These include the implementation of the Strategy for the BRICS Economic Partnership, the operationalisation of the New Development Bank and the BRICS Contingent Reserve Arrangement, the BRICS Export Credit Agencies discussions on insurance and underwriting, the exploration of a BRICS Rating Agency; and the hosting of the first BRICS Trade Fair.

Furthermore, the NDB African Regional Centre which is being established in South Africa will pay particular attention to project preparation, funding and the implementation of Continental projects”.

President Zuma concludes a successful BRICS Summit

17 October 2016

The 8th BRICS Summit concluded with the adoption of the Goa Declaration and Action Plan, which highlighted the strong foundation that BRICS has made in terms of establishing institutional mechanisms for tangible cooperation.

In this regard, the BRICS Leaders noted with satisfaction the operationalisation of the New Development Bank (NDB) and of the Contingent Reserve Arrangement (CRA), which contributes greatly to the global economy and the strengthening of the international financial architecture. The BRICS Leaders also welcomed the report presented by NDB President on the work of the Bank during the first year of its operations and progress made in operationalising the Africa Regional Centre (ARC) of the NDB.