Indonesia’s President Prabowo Subianto announced today that the government agreed on becoming a member of the New Development Bank (NDB), a multilateral development bank established by the five founding member states of the BRICS group.
“We have been invited to join the New Development Bank, and our financial team has assessed this opportunity. After consulting with the team, the Indonesian government has decided to join the New Development Bank,” he stated. Joining the New Development Bank would help Indonesia accelerate its economic transformation, the President added.
Indonesia to collaborate with NDB on renewable energy, biodiesel
President Prabowo Subianto made the announcement during a joint press conference with the president of the bank, Dilma Vana Rousseff, who has encouraged Indonesia to become a member of the bank on multiple occasions. While delivering his speech, Prabowo highlighted that the New Development Bank was established with the aim of financially supporting sustainable development projects, particularly in developing countries.
He noted that the multilateral development bank was founded with an initial authorized capital of $100 billion, set by the five initial members of BRICS. The bank began operating in 2014 and is headquartered in Shanghai, China, with a regional office in South Africa.
For her part, Rousseff said the bank is interested in collaborating with Indonesia in sectors such as renewable energy and biodiesel, as well as technological development. She commended the Indonesian government’s accomplishments in the energy sector. Indonesia also possesses numerous potential sources of renewable energy, including geothermal, hydro and critical minerals.
Given the existing potential and national priority programs, the New Development Bank believes that Indonesia will serve as a vital partner for this bank, aligning with its goal and commitment to becoming a sustainable and green development bank focused on renewable energy.
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Indonesia outlines priority missions
In a separate meeting, Indonesia’s coordinating minister for economic affairs, Airlangga Hartarto, briefed the New Development Bank president on the Indonesian government’s priority missions—collectively called the Asta Cita—including energy security, food self-sufficiency and equal access to clean water.
“Currently, Indonesia is implementing the Free Nutritious Meals program at various education levels nationwide, aiming to stimulate rural economies and create multiplier effects,” Hartarto told Rousseff at his office in Jakarta.
Notably, Indonesia was first invited to join the bank in 2022. Earlier this year, the BRICS bloc officially welcomed Indonesia as a new member. The group was formally established in 2009 with founding members Brazil, Russia, India and China, and South Africa joined the following year. The bloc saw further expansion last year when Iran, Egypt, Ethiopia, and the United Arab Emirates became full members.
