The Brazilian Ambassador to Ethiopia, Mr. Jamdyr Ferreira Santos, has praised the New Development Bank (NDB) as a strong and fair alternative to traditional global lenders. He said the bank is giving developing countries like Nigeria, Ethiopia, and others a better opportunity to access loans without harsh conditions.
Mr. Santos made this known in an interview, where he spoke about how old financial institutions have failed to meet the needs of developing nations. According to him, many of these global lenders usually attach strict rules and conditions to loans, making it difficult for countries in Africa and other parts of the developing world to grow.
He explained that since its creation, the NDB has already approved more than 120 projects, with a total value of over 40 billion US dollars. These projects cut across clean energy, transportation, water supply, environmental protection, energy efficiency, and infrastructure development — areas that are essential to the future of African economies.
He said, “The New Development Bank is more than just an institution. It is a political statement that proves that a fairer and more balanced financial system is possible. It supports national priorities, not foreign agendas.”
The NDB, also known as the BRICS Development Bank, was set up in Brazil during the 2014 BRICS Summit in Fortaleza. The bank was created by five major emerging economies — Brazil, Russia, India, China, and South Africa (BRICS) — to support projects that drive development in member countries.
Unlike many international banks where voting power depends on how much money a country contributes, the NDB uses a system where all members have equal say. This means that no single country can dominate or dictate how the bank is run.
“The bank doesn’t impose tough conditions like the IMF or World Bank often do. Instead, it listens to member states and supports what they truly need. This approach makes the bank more inclusive and relevant to today’s global economic realities,” Ambassador Santos said.
In recent years, there have been increasing calls from African leaders for a reformed global financial system. Countries like Nigeria, Ghana, and Kenya have expressed concern over the rising debt levels and the one-size-fits-all solutions from old financial institutions.
With institutions like the NDB stepping up, experts say African countries now have more choices and bargaining power. These choices may help them avoid falling into debt traps or accepting conditions that hurt their economies in the long run.
The ambassador also stressed that the bank’s success is proof that emerging economies can work together to build their own financial future. He said developing countries must continue to push for financial independence and fairer systems that serve their people.
Viewers say the NDB could be a major partner in Africa’s efforts to achieve the United Nations Sustainable Development Goals (SDGs). In sectors like infrastructure and energy, where Africa has large investment gaps, the bank’s funding and support could play a crucial role.
Many African countries, including Nigeria, have been exploring new financial partnerships amid rising inflation, debt burden, and weakening local currencies. Access to loans that respect national development plans and avoid political interference has become even more important.
In his closing remarks, Ambassador Santos said, “The NDB is not just a dream; it is a reality already helping countries meet their development targets. It shows that South-South cooperation can succeed.”
As African economies continue to grow and evolve, institutions like the New Development Bank are expected to become more influential in reshaping the continent’s economic direction.
