Management SpeechesOpening Remarks NDB VP&COO Roman Serov for the Seminar on the Role of the NDB in Mobilising Private Capital in Member Countries

First Finance Ministers and Central Bank Governors Meeting, Jaipur

Side Event: Seminar on "The Role of NDB in Mobilizing Private Capital in Member Countries"

Date: Tuesday, August 11, 2026

Dear colleagues,

I am pleased to be here in Jaipur and grateful to the Government of India for hosting this important seminar on the sidelines of BRICS Finance Ministers and Central Bank Governors Meeting. Multilateral development banks have an important role in supporting private capital mobilization that is for achieving sustainable development. As this seminar focusing on how New Development Bank (NDB) can mobilizing private capital let me reflect on the milestones achieved by the Bank and our plans for the future.

As we look back to the first golden decade, NDB has transformed from an ambitious vision into a fully operational multilateral development bank. By June 30, 2026, NDB had approved a total of 141 projects, with the cumulative approval amount reaching USD 44 billion and disbursed amount reaching USD 25 billion. Total project costs of projects financed by NDB stand close to USD 250 billion while local currency operations have reached nearly 30%.

NDB has been active in Indian market, with India being the second largest recipient of NDB's financing with 35 approved infrastructure projects amounting to total USD 10.5 billion, which represents 24 % of NDB loan portfolio. We have successfully disbursed around USD 6 billion in India, demonstrating our commitment to turning approvals into tangible, on-the-ground impact.

Our operations in India span across geographical regions and areas of operations, from the north Himachal Pradesh to south Tamil Nadu, from transport infrastructure to clean energy and energy efficiency. We have several landmark projects that exemplify this impact. For example, 1) NDB is one of the key financiers for Assam Bridge project, which inaugurated by Prime Minister Modi on February 14, 2026. As Northeast India's first extradosed six-lane Pre-Stressed Concrete bridge, this vital link between Guwahati and North Guwahati significantly alleviates traffic congestion and boosts regional infrastructure; 2) The ReNew Peak Power Renewable Energy Project marks a significant milestone as NDB's first non-sovereign project finance in INR. Designed to support India's 2030 renewable energy targets, this hybrid plant integrates clean energy from wind, solar, and battery storage system to deliver reliable power; 3) Apart from infrastructure projects, in line with promoting India's economic growth, NDB has approved two equity investments of USD 100 million equivalent each for National Investment and Infrastructure Fund of Funds - I (NIIF-I) & Fund II (NIIF-II).

As we look ahead, NDB is strategically focusing on leveraging technological advancements and expanding our non-sovereign operations to efficiently support the development targets of our member countries. With the successful implementation of NDB's technical assistance for Kohima Town Water Supply Augmentation Project, it marks a significant milestone as NDB's first-ever Technical Assistance operation in India. Based on this practice, we are actively preparing a pipeline of additional technical assistance operations to further support project development across the country.

NDB will continue to innovate our financial instruments, expand our non-sovereign portfolio, and support critical infrastructure that fosters inclusive and sustainable growth. Equally important is our commitment to local currency financing, which mitigates foreign exchange risks and deepens domestic capital markets. Apart from reaching the 30% of local currency financing cross member countries in the current general strategy period, NDB is currently advancing its first onshore Indian Rupee-denominated "Maharaja Bond" issuance with support from the Government of India and RBI. This initiative will further solidify our local currency financing franchise and support India's financial sovereignty.

To boost demand for our upcoming local currency bonds, we believe regulatory support is key. Granting NDB bonds preferential treatment would be a major catalyst. Key priority for the Bank is to receive zero-risk weight in local currency, as well as preferential tax and liquidity treatment.

We are confident that as the only financial institution of BRICS we are perfectly positioned to actively develop local currency operations with strong support of all our shareholders, including India.

Last but not least, I would like to reiterate our profound appreciation to the Government of India and the organizers for hosting this pivotal event. Your steadfast partnership is crucial in advancing our shared development agenda. I wish us a highly productive session and look forward to our continued collaboration.