05:43Mandatory credit: 00:43 - 05:43 - New Development Bank
Russian Prime Minister Mikhail Mishustin said in a video address to the 11th meeting of the Board of Governors on Friday that the BRICS New Development Bank (NDB) has become "one of the pillars of the emerging financial system of the Global South".
"Russia consistently advocates for the creation of a fair and sustainable financial system in which the countries of the Global South will have greater opportunities, and the New Development Bank has a special role to play in this process," he stated.
For his part, NDB President Dilma Rousseff stressed that the international system was "undergoing an even more impactful event with the invasion of war in the Middle East," adding that effects stood 'far beyond the immediate dynamics' of the conflict.
"[There are] disruptions of oil and gas supply chains, weak traditional links in the global economy, and heightened vulnerability of critical value chains, from petrochemicals and fertilisers to advanced electronics and semiconductors," Rousseff noted.
"Disruptions in these sectors have far-reaching implications as they rip through production systems, trading financial flows and price stability, triggering inflation spikes, stagnation growth, and raising the risk of deeper economic contraction," she continued.
Anuradha Thakur, Secretary of the Department of Economic Affairs at India's Finance Ministry, emphasised that the NDB is "well-placed to support country-driven development pathways, strengthen South-South co-operation, and mobilise resources for sustainable infrastructure and technological transformation".
The 11th meeting of the NDB Board of Governors took place in Moscow from May 14-15. This year's central theme is financing development in the age of technological revolution.
The event includes seminars and roundtables focusing on healthcare, education, infrastructure, and artificial intelligence.
New Development Bank strengthens Global South's financial architecture - PM Mishustin
Russian Prime Minister Mikhail Mishustin said in a video address to the 11th meeting of the Board of Governors on Friday that the BRICS New Development Bank (NDB) has become "one of the pillars of the emerging financial system of the Global South".
"Russia consistently advocates for the creation of a fair and sustainable financial system in which the countries of the Global South will have greater opportunities, and the New Development Bank has a special role to play in this process," he stated.
For his part, NDB President Dilma Rousseff stressed that the international system was "undergoing an even more impactful event with the invasion of war in the Middle East," adding that effects stood 'far beyond the immediate dynamics' of the conflict.
"[There are] disruptions of oil and gas supply chains, weak traditional links in the global economy, and heightened vulnerability of critical value chains, from petrochemicals and fertilisers to advanced electronics and semiconductors," Rousseff noted.
"Disruptions in these sectors have far-reaching implications as they rip through production systems, trading financial flows and price stability, triggering inflation spikes, stagnation growth, and raising the risk of deeper economic contraction," she continued.
Anuradha Thakur, Secretary of the Department of Economic Affairs at India's Finance Ministry, emphasised that the NDB is "well-placed to support country-driven development pathways, strengthen South-South co-operation, and mobilise resources for sustainable infrastructure and technological transformation".
The 11th meeting of the NDB Board of Governors took place in Moscow from May 14-15. This year's central theme is financing development in the age of technological revolution.
The event includes seminars and roundtables focusing on healthcare, education, infrastructure, and artificial intelligence.
Russian Prime Minister Mikhail Mishustin said in a video address to the 11th meeting of the Board of Governors on Friday that the BRICS New Development Bank (NDB) has become "one of the pillars of the emerging financial system of the Global South".
"Russia consistently advocates for the creation of a fair and sustainable financial system in which the countries of the Global South will have greater opportunities, and the New Development Bank has a special role to play in this process," he stated.
For his part, NDB President Dilma Rousseff stressed that the international system was "undergoing an even more impactful event with the invasion of war in the Middle East," adding that effects stood 'far beyond the immediate dynamics' of the conflict.
"[There are] disruptions of oil and gas supply chains, weak traditional links in the global economy, and heightened vulnerability of critical value chains, from petrochemicals and fertilisers to advanced electronics and semiconductors," Rousseff noted.
"Disruptions in these sectors have far-reaching implications as they rip through production systems, trading financial flows and price stability, triggering inflation spikes, stagnation growth, and raising the risk of deeper economic contraction," she continued.
Anuradha Thakur, Secretary of the Department of Economic Affairs at India's Finance Ministry, emphasised that the NDB is "well-placed to support country-driven development pathways, strengthen South-South co-operation, and mobilise resources for sustainable infrastructure and technological transformation".
The 11th meeting of the NDB Board of Governors took place in Moscow from May 14-15. This year's central theme is financing development in the age of technological revolution.
The event includes seminars and roundtables focusing on healthcare, education, infrastructure, and artificial intelligence.