Given the large infrastructure financing gap, the importance of meeting the Sustainable Development Goals (SDGs) by 2030, and the need to meet climate commitments, particularly in the Emerging Market Economies and Developing Countries (EMDCs), infrastructure financing has been a priority area for cooperation within BRICS (BRICS Russia, 2024a). Within the BRICS framework, issues related to infrastructure development and financing are addressed through the Finance Track. BRICS recognises that public financing, while remaining a key source of infrastructure funding, will be insufficient to close the financing gap. As a result, greater efforts are required to leverage private investment and mobilise innovative financing mechanisms, including blended finance and impact investments. (BRICS Russia, 2024a). In this context, strategic partnerships have become critical for advancing sustainable infrastructure development across sectors such as renewable energy, transport, digital infrastructure, climate resilience, and urban development (BRICS South Africa, 2018; BRICS Russia, 2024).

Over the years, BRICS has introduced several initiatives on infrastructure: the BRICS Multilateral Guarantees Initiative¹ , BRICS Task Force on Public-Private Partnerships (PPP) and Infrastructure², Cooperation Agreement on Innovation within the BRICS Interbank Cooperation Mechanism³, New Development Bank (NDB)⁴ , Joint Working Group on BRICS Development Bank Feasibility⁵ , BRICS Multilateral Letter of Credit Confirmation Facility⁶, BRICS Local Currency Bond Fund⁷, and support for the G20 Common Framework for Debt Treatment  to strengthen infrastructure investment cooperation⁸ , improve access to long-term financing, enhance financial stability, and facilitate sustainable development across the BRICS economies.

NDB remains a key institutional pillar of BRICS infrastructure cooperation, with the objective of mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies, while complementing the efforts of existing multilateral and regional financial institutions (BRICS Brazil, 2014a; BRICS Russia, 2015; BRICS South Africa, 2018). Besides NDB funding, the BRICS PPP and Infrastructure Task Force advocates for greater cooperation through PPP frameworks, regulatory coordination, project preparation support, and institutional capacity building (BRICS South Africa, 2018). BRICS cooperation emphasises transparent regulatory frameworks, government support mechanisms, risk-sharing arrangements, and innovative financing instruments such as guarantees, bonds, securitisation, concessional finance, local currency financing, and blended finance structures for mobilisation of private investment and improve project bankability (BRICS South Africa, 2018; BRICS Russia, 2024a).

The modality of cooperation typically includes PPP arrangements, co-financing mechanisms, technical assistance, knowledge-sharing platforms, and collaboration among multilateral development banks, national development banks, governments, and private investors (BRICS Russia, 2014; BRICS South Africa, 2018). Going forward, BRICS aims to strengthen PPP ecosystems, scale up blended finance, expand local currency financing, improve pipeline of bankable infrastructure projects, and enhance coordination among the stakeholders to support sustainable, resilient, and inclusive infrastructure development (BRICS Russia, 2014; BRICS South Africa, 2018). BRICS also places increasing emphasis on peer learning through the exchange of replicable infrastructure financing experiences, including Brazil’s Eco Invest Brazil initiative, Egypt’s NWFE Platform, India’s Viability Gap Funding Scheme, and Russia’s Project Finance Factory, highlighting practical lessons on project preparation, investment mobilisation, and project bankability (BRICS Russia, 2024a).

Infrastructure financing is at the core of NDB’s operations. During its first decade of operations, NDB had cumulatively approved around USD 43.0 billion for 140 projects on a gross basis. Excluding financing that was cancelled subsequent to approval and loans that were fully repaid, the Bank’s portfolio as of December 31, 2025, included 115 projects with a total financing from NDB amounting to USD 35.6 billion (NDB, 2026).

NDB acknowledges that closing the vast infrastructure finance gap across EMDCs will require sustained, multi-stakeholder collaboration. To this end, NDB aims at deepening partnerships with peer MDBs, global funds, national financial institutions, philanthropic organisations and private sector players (NDB, 2022). Looking forward, NDB will continue to position itself as a catalyst for mobilising resources, including private capital, towards infrastructure and sustainable development projects in its member countries. 

[1] BRICS Brazil (2025b)
[2] BRICS Brazil (2019)
[3] BRICS Brazil (2014)
[4] BRICS Brazil (2014)
[5] BRICS. India (2012)
[6] BRICS India. (2012)
[7] BRICS China. (2017)
[8] BRICS Russia (2024b)