“The NDB is looking for a different logic outside of conditionality,” said the president of the BRICS bank at an event in Rio
Mercadante, Lula and Dilma
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247 The President of the New Development Bank (NBD), known as BRICS Bank, former President of the Republic Dilma Rousseff, attended the signing ceremony of the fundraising contracts between BNDES and NBD this Wednesday (6).
“The NDB is looking for a different logic outside of the conditionalities that impose its own political and investment vision on the bank without respecting the sovereignty of countries. The BRICS countries became stronger, but suffered from the consequences of overlapping crises, inflation, low growth, climate, health crises and geopolitical tensions,” Dilma said in her speech at the event at the BNDES headquarters in Rio.
She then highlighted the potential for green investments in Brazil. He explained that the PAC “facilitates investments and that the NBD encompasses this platform.”
“Investments in local currencies are strategically important for banks. This is part of a trend in the world of currency diversification. We had a unipolar system, and now there is a new trend of diversification. In this sense, the bank plans to issue issues in real terms, thereby reducing the risk of investments,” said Dilma.
CONTINUED AFTER RECOMMENDATIONS
After the speech, Dilma signed donation agreements between BNDES and NBD worth $1.7 billion with BNDES President Aloizio Mercadante and President Lula. The BNDES is provided with longterm funding to support public and private projects aimed at reducing pollutant emissions, adapting to climate change and supporting sustainable infrastructure projects.
The founding countries of the institution, founded in 2014, are Brazil, Russia, India, China and South Africa (BRICS). Later, Bangladesh, Egypt, the United Arab Emirates and Uruguay were admitted, which continues to be considered a potential member until the instrument of accession is finally deposited. Since its inception, the NDB has approved 98 projects worth more than $32 billion. The institute’s total assets are $26.3 billion, of which $14.4 billion are loans granted (as of December 31, 2022). The project portfolio in Brazil totaled $5.7 billion as of December 31, 2022, spread across 19 projects.