BRICS foreign ministers support expansion of membership in New Development Bank

Lead

BRICS foreign ministers have called for a further increase in the number of participants in the New Development Bank (NDB), according to a final statement issued by India's Ministry of External Affairs following the BRICS Foreign Ministers' Meeting in New Delhi.

The diplomats "reiterated support for the further expansion of NDB membership and expedited consideration of applications of interested BRICS countries, in line with the NDB General Strategy and its related policies," the document reads.

The statement also expressed appreciation to Russia for holding the 11th NDB Annual Meeting in Moscow on May 14-15, as the Chair of the Board of Governors of the New Development Bank.

Coverage Comparison

TASS, the Russian state news agency, reported on the meeting from multiple angles. One report highlighted the foreign ministers' statement, another focused on Russian Prime Minister Mikhail Mishustin's remarks at the NDB Board of Governors meeting, and a third detailed a planned meeting between President Vladimir Putin and NDB President Dilma Rousseff.

The accounts consistently describe the NDB as a successful financial institution of BRICS, with the Kremlin spokesman calling it "a very successful financial institution of BRICS." The tone across the reports is largely informative and optimistic, particularly regarding the bank's potential and the growing economic weight of BRICS nations.

There are some discrepancies in the figures cited. One report from May 13 states that the NDB has approved 98 projects totaling over $33 billion, while a later report from May 15 cites projects worth more than $40 billion. The earlier report attributes the $33 billion figure to the bank's own records, while the later figure comes from Prime Minister Mishustin's speech, which emphasized the bank's "concrete contribution to the modernization of transport, energy, and public utility infrastructure."

Similarly, the establishment date of the NDB is given as both 2014 and 2015. The report on the foreign ministers' statement says the bank was established in 2015, while the other two reports note that the intergovernmental agreement was signed at the BRICS summit in Fortaleza in July 2014. Both dates refer to different milestones: the signing of the agreement in 2014 and the bank's formal establishment in 2015.

Key Claims

• Russian President Vladimir Putin will meet with New Development Bank President Dilma Rousseff, who is in Moscow for the annual meeting of the NDB Board of Governors, as confirmed by Kremlin Spokesman Dmitry Peskov.

• The NDB was set up by BRICS nations in 2014, with the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. Another report says the bank was established in 2015.

• The bank's goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries.

• The NDB has approved 98 projects totaling over $33 billion in transportation, water, energy, digital and social infrastructure, as well as urban construction, according to one report. Another report, citing Prime Minister Mishustin, says the bank has approved projects worth more than $40 billion.

• The BRICS share in global GDP has already reached 40%, which is significantly higher than that of the Group of Seven or the European Union, according to Mishustin.

• The bank has an AA+ rating with a stable outlook from S&P Global Ratings, an AA rating with a stable outlook from Fitch Ratings, and an AAA rating with a stable outlook from the Japan Credit Rating Agency.

• The foreign ministers encouraged "further efforts by the Bank to expand steadily its capacity to mobilize resources, foster innovation, expand local currency financing, diversify funding sources, and support impactful projects that advance sustainable development, reduce inequality, and promote infrastructure investments and economic integration."