The bank was established after the 2014 BRICS summit to mobilize resources for infrastructure and sustainable development

India supports the expansion of the membership of New Development Bank (NDB), Finance Minister Nirmala Sitharaman has said.

Participating in the 1st BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting on Monday, she emphasised the importance of regional balance in the membership of the NDB.

The bank, which was set up after the 2014 summit attended by the leaders of Brazil, Russia, India, China, and South Africa (BRICS), aims at mobilizing resources for infrastructure and sustainable development in BRICS and other emerging economies, as well as in developing countries.

Discussing how the international community had responded to COVID-19, she said the G20, of which all BRICS countries are members, has delivered some very significant initiatives this year including the G20 Action Plan in response to the pandemic.

Sitharaman said the Action Plan had provided broad guidance to navigate a collective global response to the crisis. Additionally, the G20 Debt Service Suspension Initiative ensured immediate support to address the liquidity needs of low-income countries, she was quoted saying in an official statement.

The Finance Minister noted that BRICS members had played an important role in ensuring that concerns of emerging economies were appropriately reflected in these initiatives.

Referring to the ongoing international efforts to find a solution to the issue of taxation of the digital economy, Sitharaman said that a consensus solution will play an important role in ensuring fairness, equity and sustainability of tax systems.

The agenda of the meeting, held under the BRICS Russian Chairmanship, also included discussions on a digital platform to encourage infrastructure investments.