The New Development Bank has the potential to change the world of development finance, says Professor Karin Costa Vazquez, in an article on the Financial Express.
Prof. Vazquez is the Assistant Dean for Global Engagement, Executive Director, Center for African, Latin American and Caribbean Studies at School of International Affairs, O.P Jindal Global University.
The NDB has been in operation for less than four years, however, it has thus far received an AA+ rating international credit rating and built a portfolio of 35 projects worth USD 9.2 billion – nearly half the World Bank’s lending in 2018, reports the Financial Express.
READ MORE: S&P rates Brics New Development Bank AA+
The Professor outlined the key features that set the NBD part; the bank is committed to close the infrastructure gap in developing and emerging countries, it is focused on sustainable development and the bank’s equity in power-sharing.
By: Kgothatso Nkanyane