SEOUL –July 16, 2014 –The Global Green Growth Institute congratulated the BRICS countries (Brazil, Russia, India, China, and South Africa) for establishing a new development bank focused on infrastructure and sustainable development. The bank will be based in Shanghai with an African regional center in South Africa and have initial capital of $50 billion.
“The new BRICS bank is the first IFI explicitly dedicated to infrastructure and sustainable development,” said Mattia Romani, Deputy Director General of Green Growth Planning & Implementation for GGGI. “We look forward to exploring avenues of cooperation with them in countries that seek to adopt green growth as an economic development model where GGGI is active.”
It has been agreed that the first president of the BRICS Bank will hail from India and its Board Chair will be from Brazil. The initial structure of the bank was agreed upon by BRICS leaders at a summit in Fortazela, Brazil on July 15.
GGGI currently has operations in Brazil, India, China, and South Africa, four of the five BRICS countries, and has large programs in low-income countries (LICs), such as Cambodia, Ethiopia, and Rwanda where the Bank is likely to be an active investor in infrastructure and sustainable development.
Based in Seoul, GGGI is an intergovernmental organization founded to support and promote a new model of economic growth known as “green growth.” The organization partners with countries to help them build economies that grow strongly and are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change. GGGI’s experts are already working with governments around the world, building their capacity and working collaboratively on green growth policies that can impact the lives of millions.