The contract was signed in October by Finance Minister Fernando Haddad and the institution's president, Dilma Rousseff
The NDB (New Development Bank, its acronym in English), Brics Bank, reported on Thursday (December 21, 2023) that it had lent $1 billion to Brazil. The money is part of the agreement reached in October between Finance Minister Fernando Haddad (PT) and the president of the monetary institution, Dilma Rousseff (PT).
The funds released the equivalent of R$5 billion will be used “to finance development and infrastructure projects”.
Brazil has already received $6.1 billion in loans from the bank since its founding eight years ago. According to Dilma, $2.8 billion was approved during her term alone in 2023. This represents 45% of the funds allocated to the country since 2015.
“Some of the projects had the green light from the bank at that time, but the then government was not interested in getting the funds. Now with President Lula [PT], that has changed. Brazil, as a founding member, has again requested funds from the NDB,” said the president of the financial institution.
The NBD is a bank founded by developing and emerging countries for the same group of nations. The institution values investments that promote sustainable and inclusive development. It consists of the five member countries Brazil, Russia, India, China and South Africa as well as the partners Egypt, United Arab Emirates and Bangladesh.