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03:11
New Development Bank to deepen local currency, climate financing, says VP
STORY: New Development Bank to deepen local currency, climate financing, says VP
DATELINE: July 21, 2023
LENGTH: 00:03:10
LOCATION: SHANGHAI, China
CATEGORY: ECONOMY
SHOTLIST:
1. various of New Development Bank building
2. SOUNDBITE 1 (English): LESLIE MAASDORP, Vice president and chief financial officer of NDB
3. various of street views in Shanghai
4. SOUNDBITE 2 (English): LESLIE MAASDORP, Vice president and chief financial officer of NDB
STORYLINE:
Leslie Maasdorp, vice president and chief financial officer of the New Development Bank (NDB) said, since its establishment eight years ago, the Shanghai-based bank has gone through "an incredible journey" and will continue to deepen local currency and climate financing.
SOUNDBITE 1 (English): LESLIE MAASDORP, Vice president and chief financial officer of NDB
"The bank turns 8 years old. It's been an incredible journey from a complete startup to an institution that is now fully fledged occupying a 30-story building here in Pudong.
I'd say there are three main achievements that the bank has recorded over this period. The first one is having built up a loan book of (33.2 billion U.S. dollars), meaning we have (98) infrastructure projects that some have been completed and most under construction. New roads, new bridges, new ports, new airports, new high speed rail. So we've made a great contribution to our economies, i n that sense.
The second major achievement, I would say, is to deepen the green and sustainable credentials. Almost half of all of our projects are focused on the climate agenda, focused on climate mitigation and climate adaptation. This will continue in the next 5 years.
The third major achievement, I would say, was the bank obtaining an AA+ international credit rating. This credit rating enables us to raise funds, resources through the bond markets at much lower rates than what our countries should be able to raise themselves."
Formally opened in July 2015, the NDB was established by the BRICS nations, namely Brazil, Russia, India, China, and South Africa. In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates, and Uruguay as its new member countries.
Currently, local currency financing represents approximately 22 percent of the bank's portfolio, largely driven by Renminbi-denominated loans. For the 2022-2026 period, the bank's goal is that 30 percent of its project financing volume will be denominated in the national currencies of its members.
SOUNDBITE 2 (English): LESLIE MAASDORP, Vice president and chief financial officer of NDB
"The bank has given voice to emerging markets. Local currency financing has also been a major achievement over the last number of years. In China alone, we have almost 45 percent of our projects financed in Renminbi. We intend to increase the local currency financing in all of our member countries.
I would say the key priorities for the bank going forward would be to deepen our local currency financing. It's very important that we raise resources in the most cost-effective manner, meaning we want to use our high credit rating to raise money at the lowest possible cost of funds.
The second big priority for us going forward is on climate finance. We will increasingly now focus on ensuring that we can issue more green, financial instruments, sustainable bonds."
Xinhua News Agency correspondents reporting from Shanghai, China.
(XHTV)
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