The inauguration ceremony of the new president of the New Development Bank (NDB) yesterday in Shanghai is a historic moment for the global South. For too long, Western capitalist financial institutions have dominated the world stage and advanced their own agendas, often at the expense of developing countries. This bias has caused immense pain and suffering for millions of people in Asia, Africa, and Latin America.
The New Development Bank, created by a partnership among BRICS countries, represents a new era of hope and progress. It seeks to create a world with less poverty, less inequality, and more sustainability. This vision is exemplified by the launch of a new currency, the BRICS, which aims to address the root causes of financial meltdowns in the global South.
Brazilian President Lula da Silva’s presence at the inauguration speaks to the importance of this moment. He believes that the NDB is a critical tool for building a more just and equitable world. Similarly, former President Dilma Rousseff’s role at the bank highlights the importance of multilateral institutions in supporting developing countries.
The NDB’s mission is more vital than ever, as the world grapples with the economic and social fallout due to various reasons such as the manufactured proxy war in Ukraine. By investing in sustainable development and infrastructure projects, the bank can help countries recover and rebuild in a more equitable and sustainable way.
Sri Lanka should seriously consider the possibility of becoming a member of the NDB. As mentioned earlier, the NDB is a newly emerging financial institution that is focused on promoting sustainable development and economic growth in the global South.
In 2021, the NDB accepted Bangladesh, UAE, and Egypt as new members and Uruguay as a prospective member. This expanding membership capacity speaks to the growing importance of the NDB on the world stage. Sri Lanka could benefit greatly from joining this institution, as it could help the country find long-standing solutions to the economic calamity it is currently facing.
Sri Lanka needs reliable partners that it can trust to help it get back on track, and the NDB could be that partner. The bank has already received an AA+ credit rating from Fitch and S&P in 2018, which speaks to its credibility and financial stability. By joining the NDB, Sri Lanka could gain access to much-needed financial resources and technical expertise to help it address its economic challenges.
Moreover, the NDB is an institution that is focused on promoting sustainable development and reducing poverty and inequality in the global South. This aligns well with Sri Lanka’s own development goals, which include reducing poverty, improving infrastructure, and promoting sustainable economic growth. By joining the NDB, Sri Lanka could tap into a network of like-minded countries that are committed to promoting a more equitable and sustainable world.
NDB is at the forefront of redesigning and re-engineering global financial behaviour and ensuring the safety and well-being of the global South. By joining the NDB, Sri Lanka could gain access to much-needed financial resources and technical expertise to help it address its economic challenges, while also working towards a more just and equitable world. We are optimistic that the new president of the NDB represents a turning point in the fight against centuries-long bullying and humiliation against the global South. It is time for a new era of partnership and collaboration, where all nations are equal partners in creating a better world for all.