WASHINGTON, July 20, 2015 –The World Bank Group today issued the following statement by World Bank Group President Jim Yong Kim on the launch of the New Development Bank:
“We would like to congratulate Mr. K.V. Kamath, President of the New Development Bank, and the founding members — Brazil, Russia, India, China, and South Africa — on this important occasion.
The New Development Bank joins a growing number of multilateral institutions — including the Asian Infrastructure Investment Bank — that are working to address the world’s huge infrastructure needs. Emerging markets and low-income countries face an annual gap of $1 trillion to $1.5 trillion in infrastructure spending.
We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects. These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities.”