Under the sunlit skies of Rio de Janeiro, BRICS finance ministers and governors of the New Development Bank (NDB) gathered to chart a new path for funding development projects in emerging markets. The lively discussions spanned sustainable development, green finance initiatives and the reform of global financial institutions.
Representatives from Brazil, Russia, India, the Chinese mainland and South Africa highlighted the urgent need to mobilize resources for infrastructure, social programs and climate resilience. They explored innovative financing models—like blended public-private partnerships and digital platforms—to unlock billions in investment.
The Brazilian finance minister opened the session by calling for alignment between the NDB's lending strategies and the United Nations Sustainable Development Goals. The Indian delegation underscored the potential of digital bonds and blockchain technology to boost transparency and reduce transaction costs.
Governors of the NDB unveiled new data showing a 20% annual increase in green loans since the bank's launch—proof that the BRICS bank is emerging as a major force in climate finance. Delegates agreed that deeper cooperation and more flexible lending tools will be key to closing the financing gap in the Global South.
As the meeting concluded, participants committed to a reform roadmap focused on streamlined governance and stronger risk-management frameworks. With the next BRICS summit on the horizon, finance ministers hope these steps will turbocharge sustainable growth and ensure inclusive development across member nations.
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BRICS finance ministers discuss financing for development projects
cgtn.com
