Statement by H.E. Mr. Enoch Godongwana, the Minister of Finance of the Republic of South Africa and the Governor for South Africa to NDB at the 11th Board of Governors Annual Meeting

It is a privilege to join you at the 11th Annual Meeting of the Board of Governors of the New Development Bank. I extend my sincere appreciation to the Government of the Russian Federation for hosting us and for their warm hospitality.

We convene at a time of profound global transformation. The international community is navigating a complex landscape marked by economic uncertainty and rising cost of living . Shifting geopolitical dynamics and conflicts are intensifying along with and rapid technological change.

These developments underscore the urgency of strengthening multilateral cooperation and reaffirming our shared commitment to sustainable and inclusive development.

The theme of this Eleventh Annual Meeting is both timely and well chosen. Rapid technological change is fundamentally reshaping development finance, particularly through advances in digital finance, artificial intelligence, and data systems. These developments are transforming how resources are mobilised, allocated, monitored, and evaluated, and they call for a corresponding evolution in our development finance institutions.

As a Multilateral Development Bank, the NDB has a critical role to play in supporting developing countries as they navigate this digital transition. This includes financing digital infrastructure such as broadband networks and data centres, to help reduce the digital divide and strengthen economic resilience.

In this context, the Bank should continue to leverage blended finance approaches to crowd in private capital, including through the targeted use of de-risking instruments with a strong technological dimension. Such instruments can be particularly effective in mobilising private investment into high-impact, high-risk sectors. MDBs should also continue strengthening their investments in cybersecurity and data privacy to mitigate risks related to data breaches, fraud, and cyber threats.