The loan agreement was signed during the opening ceremony of the bank’s ninth Annual General Meeting in Cape Town today.
The NDB aims to assist BRICS member countries and other emerging markets to develop their economies by providing finance for infrastructure development projects.“Infrastructure is an enormous economic multiplier, providing dividends for an economy long after the infrastructure has been built.
Meanwhile, the President of the New Development Bank, Dilma Rousseff, has expressed her concern about the high indebtedness of developing countries.The NDB is a facilitator of loans for infrastructure development for members of the BRICS countries and other emerging markets.
“For developing countries, indebtedness becomes an excessive burden. As we know, fiscal space is essential to ensure that governments can simultaneously invest in development actions, combat climate change, and achieve the Sustainable Development Goals . Nevertheless, the debt of developing countries is growing too much and too fast.
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