BRICS Bank Issues First Debt in Macau Amid Global Expansion
The New Development Bank (NDB), the multilateral financial institution founded by the BRICS nations, has launched its first-ever debt issuance in Macau. The $50 million (43.9 million euro) operation marks a strategic shift for the institution as it seeks to diversify its funding sources and deepen its footprint in international financial markets.
A Strategic Move in Macau
In a statement released Friday, the NDB described the transaction as an “important milestone.” Completed this past Wednesday, the three-year debt issuance is denominated in euros and linked to the Secured Overnight Financing Rate (SOFR) plus 0.3 percentage points. The Industrial and Commercial Bank of China (ICBC), a state-owned giant, managed the issuance through Macau’s central securities depository.
The move provides a boost to Macau’s local financial infrastructure. The territory’s Central Securities Depository and Clearing system, which only launched in late 2021, is a cornerstone of the regional government’s plan to diversify its economy beyond its world-famous gaming and tourism sectors.
Expanding Global Influence
Headquartered in Shanghai, the NDB is currently led by former Brazilian President Dilma Rousseff. Rousseff, who took the helm in 2023 at the recommendation of Russia, was re-elected in March 2025 for a second five-year term. Under her leadership, the bank has aggressively expanded its membership to include Egypt, Iran, the United Arab Emirates, Ethiopia, and most recently, Indonesia.
Founded in 2014 by Brazil, Russia, India, China, and South Africa, the NDB serves as a financing alternative for developing nations, positioning itself as a challenger to Western-dominated institutions like the World Bank and the IMF. Its expansion comes as the BRICS bloc seeks a more dominant role in the global economic order.
Macau as a Financial Bridge
For Macau, the issuance reinforces its growing reputation as a bond hub. Chief Executive Sam Hou Fai recently noted that debt securities issued in the region—primarily by Chinese authorities—have surpassed 100 billion patacas (10.9 billion euros). Earlier this year, the China Development Bank also utilized Macau to issue 5.5 billion yuan in debt targeted at financing projects in Portuguese-speaking countries.
Since 2003, Beijing has positioned Macau as a vital commercial bridge between China and the Community of Portuguese Language Countries (CPLP), which includes nations such as Brazil, Angola, and Portugal. This latest NDB operation further cements Macau’s role as a key node in the financial architecture connecting emerging economies.
Image: Pexels – Jeffrey Lau
