The response of both national and multilateral development banks to COVID consequences was impressive. <…> In my opinion, development banks’ reaction to COVID effects was faster, and as far as financing is concerned, its pace was even higher than that of governments, — Sergey Storchak, Chief Banker, VEB.RF.
VEB <…> has offered <…> the Government a shoulder to support the economy. And it has accumulated all available tools. We were quite successful in terms of our measures: it was support for systemic enterprises, it was support for small and medium-sized businesses. And these programmes really worked, — Svetlana Yachevskaya, Deputy Chairman, Member of the Board, VEB.RF.
In 2020 development banks increased the volume of loans. <…> The role of central banks in overcoming crises, in stimulating the economy, in pumping money into the economy, in lending to the real sector, was enormous. This massive injection of liquidity pulled out the economy. <...> There was no massive business bankruptcy, — Dmitriy Pankin, President, Chairman of the Board of Directors, Black Sea Trade and Development Bank.
We are now entering a post-COVID stage; states will keep facing second and third waves of the pandemic. We need to prepare for the upcoming waves, we need to identify deficits and shortages, we need to work with member states and other MDBs, and we need to learn from the fight against COVID and incorporate this knowledge into future activities, — Xian Zhu, Vice President, Chief Operations Officer, New Development Bank (NDB BRICS).