The New Development Bank's new direction
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Since its establishment in 2015, the Shanghai-based New Development Bank, the NDB, also known as the BRICS Bank, has provided funds to cater to the socio-economic development and environmental protection needs of its members. With its new 2022-2026 general strategy, the NDB is now aligning its operations with the Paris Agreement and will direct 40 percent of its total financing to projects contributing to climate change mitigation and adaptation. In this edition of The Hub, Wang Guan talks to Leslie Maasdorp, the NDB's Vice-President and Chief Financial Officer, to discuss the multilateral organization's overall 2022-2026 strategy. How does the bank's sustainability agenda fit in the growing demand for green and eco-friendly projects, especially solar and wind projects? Wang Guan also touches upon the much-discussed issue of de-dollarization. Will an enlarged NDB become a truly alternative to U.S.-dominated, dollar-based financial institutions?
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