Translation of "Neue entwicklungsbank" in English

The BRICS Development Bank will be a reality in 2015.

But, as of now, the New Development Bank is little more than a statement of political solidarity, and whether it comes into existence remains to be seen.

Indeed, unlike existing parallel arrangements, which have always been regional in nature and intended to complement the work of the IMF and the World Bank, the BRICS’ New Development Bank and contingent reserve agreement are not based on cultural, geographical, or historical links.

Last month, the five BRICS countries – Brazil, Russia, India, China, and South Africa – established the New Development Bank and a contingent reserve fund to diversify sources of official lending to developing countries.

At the same time, China’s recent efforts to build the institutions of an alternative financial architecture – spearheaded by the Asian Infrastructure Investment Bank and the New (BRICS) Development Bank – stand in sharp contrast to an increasingly inward-looking US.

A key element of China’s strategy is the recently established Asian Infrastructure Investment Bank (AIIB), and to some extent the BRICS’ New Development Bank, established last year by Brazil, Russia, India, China, and South Africa.

Like the $50 billion New Development Bank announced by the BRICS countries (Brazil, Russia, India, China, and South Africa) last summer, the AIIB has faced considerable scrutiny, with some Western leaders questioning its governance, transparency, and motives.

While the AIIB and the forthcoming New Development Bank, operated by the BRICS countries (Brazil, Russia, India, China, and South Africa), are the most visible internationally, they are only the tip of the iceberg.

The BRICS’ proposed New Development Bank presents an important opportunity to reflect these changes, with modern financial instruments, strong governance, and a broad-based mandate.

Most important, the New Development Bank will give greater voice to the perspectives and interests of those in developing countries and emerging markets.

Of course, the World Bank and the regional development banks now recognize such imperatives, and the New Development Bank should not relieve the developed countries of their responsibilities.

For example, changes in financial markets (including the large amounts of money in sovereign wealth funds and public pension funds) provide opportunities for new development partnerships, which the New Development Bank can help to catalyze and orchestrate.

The New Development Bank, established by the BRICS (Brazil, Russia, India, China, and South Africa), was launched during the year, becoming the first major international financial institution led by emerging countries.

And the role of regional development banks – including the African, Asian, and Inter-American Development Banks, as well as the newly created Asian Infrastructure Investment Bank and the New Development Bank – has grown.

As someone closely associated with the BRICS countries (Brazil, Russia, India, China, and South Africa), it seems obvious to me that the New Development Bank (NDB) – or the BRICS Development Bank, as it was formerly known – can and should help these and other emerging economies cooperate in both areas.

The new development bank will, however, finance only local authorities and health establishments (and not the French public sector as a whole).

In the Commission’s view, the Member States concerned cannot try to dispute that aid is being provided for DMA’s activities and the new ‘mortgage lending structure’ (referred to as ‘development bank’ in this Decision and the notifications) by claiming that such an undertaking will not exist, while at the same time [140] using the term new mortgage lending structure or development bank, which corresponds to an undertaking, in order to persuade the Commission that the operation relating to DMA complies with the rules on State aid.

Belfius will refocus on its core banking and insurance business while DMA will be coupled to a new development bank structure in France, which will address market failures for the funding of the local public sector.

Most concretely, the long-anticipated New Development Bank, run jointly and equally by the five BRICS countries, opened its doors in Shanghai in July.

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund.

The nine MDBs are: The African Development Bank Group, the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank Group, the Islamic Development Bank, the New Development Bank, and the World Bank Group (World Bank, IFC, MIGA).

If the BRICS countries are able to achieve unity of purpose, this group and its new development bank could become very powerful in changing the global financial landscape.

I think the initial impact of this new development bank for emerging markets is that many countries could have a new source of financing for infrastructure projects that they may have not had available otherwise.

They announced the signing of the constitutive Agreement for the New Development Bank for the purpose of mobilizing resources for projects dealing with infrastructure and sustainable development of the BRICS countries and other emerging and developing economies.

A new development bank must build up its reputation carefully in order to keep its refinancing costs down and find solvent financing partners.

China's new development bank, the AIIB is seeking cooperation with Rothschild's World Bank and the IMF – and is welcomed.

Now the EIB is pressing ahead with the proposal of founding a new European development bank as a subsidiary of the EIB, with a focus on Africa and the Balkans.

The inaugural Global Infrastructure Forum 2016convening here today brings together for the first time the leaders of the multilateral development banks (MDBs) - African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank, and the World Bank Group – as well as development partners and representatives of the G20, G24, and G77, to enhance multilateral collaborative mechanisms to improve infrastructure delivery globally.

The BRICS’ New Development Bank, it was announced, will be headquartered in Shanghai, not New Delhi; India’s consolation prize was that an Indian will serve as the Bank’s first president.