By Vusi Mazimbuko and Gershwin Wanneburg
The New Development Bank’s (NDB) recent evaluation report reveals a significant milestone in global financial intervention: approximately 400 million people have benefited from its $10 billion COVID-19 emergency program. This program, initiated by the BRICS countries, was designed to address the multifaceted impacts of the COVID-19 pandemic on health systems and economies worldwide.
The report details how the emergency funds were effectively allocated to enhance healthcare capabilities and support economic recovery. It highlights the pivotal role of the NDB in stabilising economies, particularly aiding small and medium-sized businesses, and underscores the bank’s rapid and scaled-up mobilisation of resources in response to the global crisis.
The funding came at a time when developing countries were facing the brunt of the international crisis, especially a shortage of medicines that had been monopolised by rich nations.
This analysis emphasises the NDB’s growing influence in international development and crisis response, showcasing its capacity to lead in coordinated international financial efforts and contribute to global stability and recovery through strategic investments. The report offers key insights into the implementation and impact of the program, reflecting on the NDB’s role in addressing contemporary global challenges.
