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BRICS’ New Development Bank to expand scope of operations — president

More capital should be raised in different currencies in the global market, the bank’s president Dilma Rousseff noted

SHANGHAI, May 30. /TASS/. The New Development Bank (NDB) established by the BRICS member states should expand the scope of its operations and strengthen its role as a platform for collaboration, NDB President Dilma Rousseff said at the opening ceremony of the annual meeting of the NDB Board of Governors and Board of Directors.

"The goal for the future is clear for us. We are to expand the scope of our operations and strengthen the role of the bank as a platform for cooperation. We will do this by expanding our partner network and implementing joint financing projects," Rousseff said. The NDB will continue to focus on the specific needs of its BRICS member state shareholders when providing financing for projects, she added.

More capital should be raised in different currencies in the global market, the bank’s president noted. "We will also finance more projects in local currencies, to strengthen the local market and safeguard borrowers against the risks of currency fluctuation," Rousseff said.

The current share of projects financed in national currencies stands at about 22% in the bank’s total project portfolio, she reported. The NDB plans to bring this figure up to 30%, she added.

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