NDB Celebrates $40B+ in Financing and Charts Course for Future at Annual Meeting 2026
The BRICS-owned New Development Bank (NDB) held its 11th Annual Meeting in Moscow, Russia, from 14 to 15 May 2026. The Meeting took place under the theme of ‘Developing Financing in an Era of Technological Revolution.’ The meeting brought together the bank’s officers, government officials, business leaders, experts and media.
Russian Prime Minister Mikhail Mishustin addressed the delegates via videoconference and commended NDB’s progress in becoming a key international financial organization. Russia fully supports the Multilateral Development Bank (#MDB) in emerging as an alternative financier to the Bretton Woods institutions (#BWI).
NDB President Dilma Rouseff would like to steer the bank to support emerging and green sectors such as AI, renewable energy and #eMobility. The Bank also welcomes new members to the BRICS family and does its best to support their development financially. NDB ambitions to be one of the preferred financiers for the #GlobalSouth and to represent a model for South-South Cooperation (#SSC).
The BRICS financing institution has financed 139 projects to the tune of USD 42.9 billion since its inception in 2015. The Bank provided more than USD one billion in emergency finance for rebuilding the infrastructure in Rio Grande do Sul in Brazil following the severe flooding. NDB also financed the digitalization of the Russian judiciary system to the tune of USD 460 million. The institution also financed road and rail projects in India for more than USD one billion. So far, NDB has approved more than USD 500 million to support Green City Projects in Chongqing, Shanghai, and other cities around China.
According to the Bank’s charter, it is not prevented from providing financing to non-member countries, although priority is naturally given to BRICS member states. As new member countries join BRICS, the bank will step up its engagement with them. The DNA of BRICS naturally focuses the bank’s actions more toward the Emerging Markets and Developing Economies (#EMDE), and the Global South in general.
Recently, the loan approval process is gaining momentum as the institution finds its mark. The Board approved favoring the use of locally denominated currency for its transactions. The Bank has been issuing #GreenBonds to raise capital for sustainability-linked projects.
The Board of Governors of NDB elected Indian Finance Minister Nirmala Sitharaman as the next Chairperson and China’s Finance Minister LAN Fo’an as the Vice Chairperson. Thus, the next NDB Annual Meeting is scheduled to take place in India in 2027, and the upcoming BRICS Summit will also be held in Delhi this September 2026.