SHANGHAI: The New Development Bank (NDB), set up by the BRICS group of major emerging economies, wants loans to the private sector to eventually take up a 30 percent share of its project portfolio, a senior executive at the bank said on Tuesday.
Xian Zhu, the NDB’s chief operating officer, said that the bank was targeting an overall 70-30 split between sovereign and non-sovereign loans in its project portfolio, and was seeing strong demand for private sector loans especially in Brazil, South Africa and Russia.
The Shanghai-based bank on Monday approved six new projects which brought its loan portfolio up to over $5.1 billion across 21 projects. Two of these were non-sovereign loans, which are issued to companies without a government guarantee.
“In India and China, there’s very strong demand for sovereign ... But on the other hand, some other countries for different reasons they probably prefer more non-sovereign lending,” he said.
“Some countries they still have some sort of fiscal difficulties. Secondly, the debt sustainability is a concern. They don’t want to borrow too much in sovereign terms. So they prefer you do more market transactions.”
The bank’s first non-sovereign project was a $200 million loan to Brazil’s Petrobras for an environmental protection scheme and the second a $200 million loan to South Africa’s Transnet to reconstruct a port in Durban.
Xian said that there was a gap in the market for them to fill as they were willing to make long-term loans with tenures of at least 10 years.
The NDB is seen as the first major achievement of the BRICS — Brazil, Russia, India, China and South Africa — since they joined forces in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two.
BRICS development bank to expand lending to private sector
BRICS development bank to expand lending to private sector
UAE and Scotland forge stronger investment ties with new MoU
RIYADH: The UAE and Scotland have formalized a new partnership aimed at boosting bilateral investment and economic cooperation.
According to a press release, the UAE’s Ministry of Investment and the Scottish Government signed a Memorandum of Understanding establishing a structured framework to promote and facilitate mutual investment flows.
The agreement, inked by Mohammad Abdulrahman Al-Hawi, undersecretary of the UAE Ministry of Investment, and Kate Forbes, Scotland’s deputy first minister, aims to strengthen coordination between government bodies, investment agencies, and private sector stakeholders in both nations.
Al-Hawi said that the agreement “reinforces the Ministry of Investment’s commitment to building lasting and meaningful partnerships with leading global economies.”
He added that it builds on sustained engagement between the UAE and Scotland and reflects shared ambition to translate dialogue into tangible outcomes.
“We look forward to deepening this partnership further and creating high-quality investment opportunities that benefit our respective business ecosystems and support long-term, sustainable growth,” the minister said.
The collaboration is designed to encourage the exchange of capital, technology, and expertise, supporting sustainable growth and economic diversification.
Key areas of cooperation under the MoU include exchanging information on investment policies, identifying sector-specific opportunities, and facilitating public-private partnerships. A core focus will be on enhancing business engagement through events such as forums, exhibitions, and investment missions.
This builds on the success of the Investopia Global Edinburgh event in December and plans for further joint activities throughout 2026, including a larger-scale Investopia Global event in Scotland later in the year.
Forbes emphasized that the MoU marks an important step in deepening Scotland’s economic engagement with the UAE.
“By strengthening channels for investment cooperation, aligning priorities, and supporting our private sector to engage more closely with partners in the UAE, we are creating a stronger platform for collaboration,” she said.
The Scottish official added: “The agreement lays the groundwork for more diverse, resilient, and future-focused economic ties, enabling businesses in both countries to explore new opportunities and build long-term partnerships in areas of shared strategic interest.”
The MoU also promotes knowledge transfer and capacity building through training programs and institutional partnerships. Implementation will be managed by designated focal points from both sides, who will oversee activities and agree on forward work plans.
