Latest news with #BRICSDevelopmentBank
New Straits Times
a day ago
- Business
- New Straits Times
Anwar meets top officials from Shanghai-based New Development Bank
RIO DE JANEIRO: Prime Minister Datuk Seri Anwar Ibrahim today met officials from the New Development Bank, formerly referred to as the BRICS Development Bank. Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the BRICS Leaders' Summit being held here. NDB is a multilateral development bank established by the BRICS nations. It currently has 11 members, namely Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan. Malaysia's participation in the summit is in its capacity as a BRICS partner country and as Asean chair. Malaysia officially became a BRICS partner country on Jan 1 this year.
Barnama
a day ago
- Business
- Barnama
PM Anwar Meets Top Officials From Shanghai-Based New Development Bank
From Arul Rajoo Durar Raj RIO DE JANEIRO, July 6 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim today met officials from the New Development Bank, formerly referred to as the BRICS Development Bank. Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the BRICS Leaders' Summit being held here.
Mint
3 days ago
- Business
- Mint
Sitharaman urges stronger MDB role as Global South faces climate, fiscal, and geopolitical shocks
New Delhi: Finance minister Nirmala Sitharaman on Friday urged multilateral development banks (MDBs) to adopt a stronger and more targeted approach in supporting the Global South, which faces mounting fiscal pressures, escalating climate risks, and deepening geopolitical uncertainty. Speaking at the opening ceremony of the 10th annual meeting of the New Development Bank—formerly the BRICS Development Bank—Sitharaman said MDBs are uniquely positioned to complement national efforts by mobilising public and private capital, offering concessional financing, and deploying sophisticated risk mitigation tools. 'MDBs have a distinctive comparative advantage in catalysing both public and private investments by offering a package of technical expertise, concessional financing, and effective risk mitigation tools, thereby widening our policy options,' she said. MDBs also play a pivotal role in helping countries manage rising uncertainty, she added. These institutions have become critical allies for developing economies navigating a convergence of economic strain, environmental vulnerabilities, and geopolitical shocks. By crowding in private capital and offering financial and technical expertise, MDBs expand the policy toolkit available to the Global South. As momentum builds for reimagining the global financial architecture, MDBs are increasingly seen as central to closing investment gaps and supporting sustainable, inclusive growth across emerging markets. 'Mobilising private capital is key to sustaining growth,' Sitharaman said. 'Given the limited fiscal space and competing demands for public capital expenditure, the New Development Bank should play a catalytic role in unlocking private sector capital.' She also called for a sharper focus on small businesses: 'Special focus must be placed on tailored support for small and medium enterprises, especially women-led enterprises, to ensure inclusive participation, economic development, and promote gender equity.' Under India's G20 presidency, the NK Singh-Larry Summers expert group had called for bold reforms to make MDBs more agile, effective, and aligned with the 21st century's challenges. The panel recommended moving beyond traditional lending to focus on global public goods such as climate and health, and using balance sheets more innovatively to unlock private capital. 'The Capital Adequacy Framework and the 'better, bolder, bigger' reforms outlined during India's G20 presidency in 2023 offer actionable steps,' Sitharaman said. 'Continued focus on accountability, responsiveness, and stakeholder trust must remain a priority to ensure long-term sustainability.'
Zawya
26-03-2025
- Business
- Zawya
New Development Bank prints $1.25bln bond: IFR
New Development Bank, formerly known as the BRICS Development Bank, sold a US$1.25bn 4.375% three-year bond at SOFR plus 65bp, 10bp inside initial guidance. The bonds were printed at 99.876 to yield 4.42%. The final book reached US$1.9bn from 35 accounts, including US$1bn from the leads. Asian investors were allocated 82%, EMEA 16% and the US 2%. Banks took 67%, central banks, official institutions and sovereign wealth funds 23%, and asset managers, fund managers and others 10%. Bank of China, Emirates NBD Capital, DBS Bank, ICBC, Natixis, Standard Bank, Standard Chartered and State Bank of India were joint lead managers on the Reg S transaction. The issuer, a multilateral development institution established by the BRICS countries to mobilise capital for infrastructure and sustainable development projects, is rated AA+/AA (S&P/Fitch). Proceeds will be used for general corporate resources, including to finance or refinance disbursements of loans directed to projects in Brazil, India, China, South Africa, Egypt, and Bangladesh.
Zawya
24-03-2025
- Business
- Zawya
New Development Bank issues mandates for 3-year dollar bond
New Development Bank, formerly referred to as the BRICS Development Bank, has issued mandates for a three-year dollar bond offering. The UAE's Emirates NBD Capital, the Bank of China, DBS Bank, ICBC, Natixis, Standard Bank, Standard Chartered and State Bank of India are joint lead managers. The offering falls under NDB's $50 billion Euro Medium Term Note Programme. The issuer has been rated AA+ by S&P and Fitch. NDB is a multilateral development bank established by the BRICS states to mobilise capital for infrastructure and sustainable development projects in emerging markets and developing countries. Headquartered in Shanghai, the bank includes nine member states, including the UAE, Egypt, India, China, Russia, South Africa and Brazil. (Writing by Bindu Rai, editing by Seban Scaria)
