Sao Paulo [Brazil], May 20 (ANI): The President of the New Development Bank, Dilma Rousseff, called for the institution to enter a new phase focused on expansion, innovation and strengthening cooperation across the Global South during the 11th Annual Meeting of the bank's Board of Governors held in Moscow on May 14-15.

Held under the theme 'Financing Development in an Era of Technological Revolution', the meeting brought together ministers, government officials, financial leaders, business representatives and experts to discuss future development priorities.

In her opening remarks, Rousseff said the NDB must prepare for a new strategic cycle and outlined a vision of a larger, greener, more digital and agile institution. She emphasised that financing in local currencies would remain a key priority and said the bank would continue to expand engagement with new members while strengthening South-South cooperation, as reported by Brasil 247.

Russian Prime Minister Mikhail Mishustin described the NDB as a major pillar of the emerging financial system of the Global South and advocated for a greater role in innovation financing. He said the institution has the potential to evolve into an 'international innovation bank' supporting long-term investment and technological growth.

Russian Deputy Prime Minister Alexey Overchuk highlighted sovereignty and consensus as key strengths of BRICS cooperation, while Finance Minister Anton Siluanov stressed the need for stronger scientific, financial and technological collaboration.

Economist Jeffrey Sachs called the NDB a crucial institution, citing its role in addressing geopolitical, ecological and technological transformations.

The Board of Governors also announced that Nirmala Sitharaman will chair the Board, with India set to host the NDB's 12th Annual Meeting in 2027. (ANI)