Ahead of the bloc’s leaders’ summit in Rio de Janeiro, Brazil on Sunday, Thomas dismissed concerns among experts that the New Development Bank (NDB) would develop into a dominant institution like the IMF which could sway a country’s economic and development agenda.

“I don't see it that way, because the BRICS governance [for the NDB] is very different. BRICS always respects each country’s position,” Thomas said on the sidelines of the group’s finance ministers and central bank governors’ meetings on Saturday, as quoted from Antara.

Following Indonesia’s ascension to the group of emerging economies in January, President Prabowo Subianto stated in March that the country would join the NDB, citing the bank’s aims of financing development projects in developing countries and boosting their economies.

While finance experts acknowledged the NDB’s potential benefits, they also warned that joining it could work to Indonesia’s detriment, noting that the BRICS-founded bank’s agenda would be dominated by its founding members: Brazil, Russia, India, China and South Africa.

But Thomas emphasized that BRICS’ development bank “truly sees investment potential” in Indonesia’s national projects and that there would be “no intervention from other countries”.

“I believe this is purely a mutually beneficial cooperation,” he added.

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