Leslie Maasdorp, vice president and chief financial officer of the New Development Bank (NDB) said, since its establishment eight years ago, the Shanghai-based bank has gone through "an incredible journey" and will continue to deepen local currency and climate financing.
Formally opened in July 2015, the NDB was established by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates, and Uruguay as its new member countries.
Currently, local currency financing represents approximately 22 percent of the bank's portfolio, largely driven by Renminbi-denominated loans. For the 2022-2026 period, the bank's goal is that 30 percent of its project financing volume will be denominated in the national currencies of its members.
Produced by Xinhua Global Service
