NNA News | Moscow, Russia

Dilma Rousseff, president of the New Development Bank (NDB), defended a new phase of expansion, innovation and strengthening of the Global South during the bank’s 11th Annual Meeting of the Board of Governors, held in Moscow, Russia, on May 14 and 15, 2026. The information was published by Brasil 247. 

The meeting was held under the theme “Financing development in an era of technological revolution” and brought together ministers, government officials, bank executives, business leaders, development partners, experts and media representatives. In her speech at the opening ceremony, Rousseff said the bank must prepare for a new strategic cycle. “As the NDB embarks on formulating its new Strategy, the vision is clear: the Bank will be bigger, greener, more digital, more innovative, more agile and more cooperative, while remaining grounded in pragmatism and focused on delivery,” she said. Rousseff also emphasized that financing in local currencies will remain a strategic priority.

According to her, the bank will give special attention to expanding operations with new members and strengthening its role as a cooperation platform among developing countries. “The NDB will continue to pursue gradual and balanced membership expansion and strengthen its role as a unified voice and platform for the Global South, amplifying members’ priorities, facilitating South-South cooperation and mobilizing collective solutions to common development challenges,” she stated.

Dilma Rousseff, president of the New Development Bank (NDB), delivers a speech at the opening ceremony of the 2026 NDB annual meeting, in Moscow, Russia, on May 15, 2026. (NNA News, Viory)

BRICS bank focuses on innovation and local currencies Russian Prime Minister Mikhail Mishustin said in a video message that the NDB has become one of the pillars of the emerging financial system of the Global South.

He cited Russian President Vladimir Putin in saying that the bank has consolidated an effective role in investment and lending. Mishustin also defended a central role for the institution in financing innovation. “The NDB has everything it needs to become an ‘international bank of innovations,’ helping countries identify key investment areas, select the best development tools and create conditions for companies to invest in early stages and over the long term,” he said. 

Russia also defended diversification of the bank’s portfolio, stronger cooperation among members and greater participation of national currencies in NDB financing. BRICS defend sovereignty and consensus At the NDB governors’ seminar, Russian Deputy Prime Minister Alexey Overchuk said the strength of BRICS lies in respect for sovereignty and consensus-based decision-making. “Here we have countries that think alike in the sense that we all value independence and the belief that our countries respect one another. That is one of the greatest strengths of BRICS,” he said. According to Overchuk, the NDB should help its members respond to the effects of deglobalization and act in areas such as climate change, water scarcity and food security.

Russian Finance Minister Anton Siluanov delivers a speech at the 2026 NDB annual meeting in Moscow, Russia, on May 15, 2026. (NNA News, Viory)

Russian Finance Minister Anton Siluanov also defended stronger financial, scientific and productive capacities among BRICS countries. According to him, the expansion potential of high-technology markets within BRICS countries exceeds $400 billion annually. Jeffrey Sachs calls NDB crucial institution Economist Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University, said the NDB’s work has “profound importance for the entire world.” “The success of the BRICS countries and emerging and developing economies is truly the success of the world,” Sachs said.

He stated that the world is undergoing three major transformations: geopolitical, ecological and technological. In that context, he defended broader NDB financing, stronger partnerships with African countries, support for green and digital technologies, financing for sustainable urbanization and contributions to alternative payment and settlement systems. 

India to host 2027 meeting. During the business session held on May 15, the Board of Governors welcomed the bank’s progress over the past year and outlined next steps for membership expansion and formulation of the General Strategy for 2027-2031. Indian Finance Minister Nirmala Sitharaman was elected the next chair of the Board of Governors. Chinese Finance Minister Lan Fo’an was chosen as vice chair. India will host the 12th Annual NDB Meeting in 2027.

Created by Brazil, Russia, India, China and South Africa, the NDB aims to mobilize resources for infrastructure and sustainable development in emerging markets and developing countries. By the end of the first quarter of 2026, the bank had approved $42.9 billion in financing for 140 projects in areas such as clean energy, transport, water and sanitation, environmental protection and social and digital infrastructure.