ADDIS ABABA — The New Development Bank (NDB) has emerged as a viable alternative financial institution for developing countries, helping them navigate the challenges posed by traditional multilateral lenders, according to the Brazilian Ambassador to Ethiopia.
In an exclusive interview with The Ethiopian Herald, Ambassador Jamdyr Ferreira Santos emphasized that the lack of meaningful reform in conventional financial institutions has long constrained both the volume and diversity of credit accessible to developing nations.
"In response to these limitations, the NDB has approved more than 120 investment projects worth over 40 billion USD since its establishment," the ambassador stated. "These projects support critical sectors such as clean energy, energy efficiency, transportation, environmental protection, water supply, and infrastructure."
According to the ambassador, the NDB represents more than just an institutional milestone; it is a significant political statement rooted in practice and principle.
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"Rather than imposing policy conditionalities, the bank finances projects that align with the national priorities of its member states," he explained. "It operates on a governance model of equal voting rights, avoiding the reinforcement of global inequalities."
He also described the NDB as a concrete example that a fairer global financial architecture is both necessary and possible. "The bank is not just vital for emerging economies; it is proof that development models can be more inclusive and equitable," he added.
The New Development Bank, also known as the BRICS Development Bank, was established in Brazil during the 2014 BRICS Summit in Fortaleza. It reflects the collective commitment of emerging economies to address the significant financing gaps hindering sustainable development.
