TEMPO.CO, Jakarta - President Prabowo Subianto stated Indonesia's intention to leverage its membership in the New Development Bank (NDB) to finance domestic development initiatives. He conveyed this during the second session of the BRICS 2025 High-Level Conference in Rio de Janeiro on Sunday, local time.
During the session, Prabowo also reaffirmed Indonesia's commitment to strengthening the multilateral system and fostering economic cooperation among developing nations.
According to Coordinating Minister for Economic Affairs Airlangga Hartarto, who was present in Brazil, leaders at the session discussed "Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence."
Airlangga said that Prabowo underscored the vital importance of revitalizing multilateralism in an increasingly multipolar world. The President also advocated for stronger economic partnerships between countries in the Southern Hemisphere and expanded utilization of the NDB.
"Economic partnerships among developing countries have become very important, and it is hoped that the utilization of the New Development Bank can be enhanced," Airlangga said in his official statement.
Indonesia, Airlangga confirmed, has expressed its readiness to actively join the NDB. He emphasized that this participation is crucial for Indonesia to gain access to development financing, particularly in line with its green transformation agenda and sustainable economic growth goals.
"We know that the New Development Bank is handling several projects, including clean energy projects, infrastructure, as well as some projects related to sustainability and green initiatives. Currently, there are 120 projects being managed with a total value of approximately US$39 billion," he explained.
Deputy Foreign Minister Arrmanatha Nasir added that President Prabowo also proposed the "South-South Economic Compact" initiative during this second session. Nasir, informally known as Tata, explained that Prabowo's proposal aims to enable BRICS countries to become a driving force in providing broader access for Global South nations to trade and to further integrate their economies into the global supply chain.
The NDB is a multilateral development bank established by the BRICS countries (Brazil, Russia, India, China, and South Africa). This bank, set up by the BRICS economic bloc, serves as a counterpart to institutions like the World Bank and the International Monetary Fund, which are predominantly influenced by Western nations.
Alfitria Nefi P. contributed to the report.
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