NEW DELHI (July 5): Finance Minister Nirmala Sitharaman has called for a renewed and dynamic mandate for the New Development Bank (NDB), stressing the need for agility, technological advancement, and greater efficiency to meet the challenges of a rapidly evolving global landscape.
Speaking at the NDB Governors Seminar in Rio de Janeiro, Brazil, on the theme ‘Challenges for Financing Sustainable Development for the Global South’, Sitharaman highlighted the bank’s critical role in reshaping financial infrastructure for developing nations.
She noted that the NDB has approved over 100 projects, with more than USD 35 billion in financing across member countries. This includes key initiatives in India, such as metro rail systems, renewable energy development, and water management projects.
“The NDB is more than a provider of capital. It is a platform for shaping a more equitable and responsive global financial architecture,” Sitharaman stated. She emphasized that the bank must be prepared to adapt quickly, adopt innovative solutions, and operate with higher levels of responsiveness in today’s interconnected world.
Founded by the BRICS nations — Brazil, Russia, India, China, and South Africa — the NDB aims to mobilize resources for infrastructure and sustainable development in emerging economies. As the global South faces mounting financing challenges, Sitharaman’s remarks underscore the need for multilateral institutions like the NDB to modernize and act with greater strategic intent.
Her call for a renewed mandate reflects a growing recognition that development banks must not only support long-term infrastructure but also be nimble enough to respond to urgent climate, technological, and social priorities.
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