The Brazilian government views the BRICS-established bank as an alternative to traditional financial institutions.
Authorities in Brasilia see the New Development Bank (NDB), established by the BRICS countries (Brazil, Russia, India, China and South Africa), as a promising alternative to the BRICS countries. traditional financial institutions, said Brazilian President Luiz Inacio Lula da Silva.
Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative financial instrument and we will strengthen our cooperation with the African Development Bank,” he said.
He further explained that international banking and financial institutions today ignore the needs of developing countries and are not suitable for them, because many of them are “strangled by the burden of heavy indebtedness”.
The BRICS countries established the NDB after signing an agreement in Fortaleza, Brazil, in the summer of 2014, when Dilma Rousseff was President of Brazil. In March 2023, she was elected president of the bank.
The BRICS development bank funds infrastructure and sustainable development projects in the bloc’s member states and developing countries. In 2021, the NDB included Bangladesh, Egypt, the United Arab Emirates and Uruguay into its sphere of activity.
Nearly 100 projects with nearly 33 billion USD have been approved by the bank since launch.