The European Investment Bank president said this week's BRICS summit and the push to make the BRICS bank an alternative to established Western lenders underscored the need to increase lending.
- an alternative to established Western multilateral lenders underscored the need to significantly increase lending.It should be a cause for concern that an increasing number of smaller developing world countries, especially in Africa, are looking to countries like China and other emerging market nations to give them support rather than the traditional Western institutions.
EIB is one of those institutions. Backed by the financial firepower of the EU's 27-member countries, it has the biggest balance sheet among the world's multilateral development banks and invests around 10 billion euros a year in the developing world via its EIB Global arm.
He said the number of developing nations that had adopted a neutral stance on Russia's invasion of Ukraine last year also signalled the challenge the West faced in maintaining the trust of those nations.Recent votes in the General Assembly of the United Nations have already made it clear that we are at risk of losing the confidence of the global south unless we take more action and get more visible there.
UN meetings next month, including a summit on sustainable development, offered an opportunity for Western institutions to show up and demonstrate they were willing and able to provide more support to poorer countries, Hoyer said. The increased focus on enlarging the BRICS group and on its bank comes because many developing countries were"feeling abandoned" by the West in their struggles with the Covid-19 pandemic, debt, energy costs and climate change, he added.Headquartered in Shanghai, the New Development Bank was established in 2015 by BRICS members.
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