JAKARTA - Deputy Minister of Finance of the Republic of Indonesia Thomas Djiwandono stated that the New Development Bank (NDB) initiated by BRICS countries will not develop into dominant institutions such as the International Monetary Fund (IMF) or the World Bank.
He conveyed this ahead of the BRICS Summit which was attended by Indonesian President Prabowo Subianto in Rio de Janeiro, Brazil, Saturday, July 4.
"We are very welcome, we invite NDB to help, especially in infrastructure, infrastructure financing, and that is some of the items we talk about both at BRICS and in its own NDB," he said, quoted by Antara.
According to Thomas, the BRICS governance approach that prioritizes equality and mutual respect for the position of each country makes the NDB character different from the global financial institutions that have existed so far.
He considered the concern of a number of analysts that NDB would dominate such as the baseless IMF.
"I don't see it like that, because the way BRICS governance is very different. BRICS always respects the position of each country," he said.
He also emphasized that Indonesia welcomes the existence of NDB and sees it as a potential partner in supporting national infrastructure financing.
In recent months, said Thomas, intensive communication has been established, including a meeting of state leaders with the President of NDB in Jakarta.
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"We are very welcome, we invite NDB to help, especially in infrastructure financing. That is one of the topics we talk about both at BRICS and directly with NDB," said Thomas.
Regarding the list of projects that have the potential to be financed by NDB, he said it is in the realm of the Ministry of Investment, while the Ministry of Finance supports the process and coordination of policies.
NDB really sees the potential for investment in our projects, there is no intervention from other countries. So I think this is purely a mutually beneficial collaboration," he said.
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