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BRICS-backed NDB Committed to Growth of Global South, Rousseff Tells Putin
BRICS-backed NDB Committed to Growth of Global South, Rousseff Tells Putin
Sputnik India
The New Development Bank (NDB), backed by BRICS nations, remains committed to the growth of Global South, the bank’s President Dilma Rousseff has told Russian President Vladimir Putin on the sidelines of the Russia-Africa Summit.
2023-07-27T16:47+0530
2023-07-27T16:47+0530
2023-08-03T11:10+0530
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The New Development Bank (NDB), backed by BRICS nations —Brazil, Russia, India, China, and South Africa — remains committed to the “growth of Global South” by supporting its developmental needs and climate commitments, the bank’s President Dilma Rousseff has told Russian President Vladimir Putin on the sidelines of the Russia-Africa Summit.Rousseff, the former president of Brazil, said that NDB was prioritizing the expansion of the bank’s membership and expressed optimism that more developing countries would join the NDB in the coming years.She underlined that bank was originally formed to focus on the developmental needs of low and middle-income nations.Rousseff said that the upcoming BRICS’ leaders meeting in South Africa in August was crucial as it would present an opportunity to understand the “challenges currently facing developing countries”.In her opening remarks published by Kremlin on Wednesday, Rousseff highlighted that the banks was facing “a number of problems, primarily concerning liquidity”.NDB Can Play a ‘Significant Role’ in Expanding Local Currency Settlements: PutinPresident Putin said in his opening remarks that the NDB could play a “significant role” in promoting joint activities, including help to increase the use of “national currencies in their mutual settlements”, according to the Kremlin.According to NDB, it has agreed to finance 96 projects valued at nearly $33 billion in BRICS states. The projects financed by NDB are in the realm of transport infrastructure, clean energy, water and sanitation, and digital infrastructure among others.In line with the growing popularity of BRICS, a number of countries have also expressed an interest in joining the NDB, according to the bank.
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BRICS-backed NDB Committed to Growth of Global South, Rousseff Tells Putin
16:47 27.07.2023 (Updated: 11:10 03.08.2023) Russian President Vladimir Putin and NDB President Dilma Rousseff held talks at the Constantine Palace in St. Petersburg.
The
New Development Bank (NDB), backed by
BRICS nations —Brazil, Russia, India, China, and South Africa — remains committed to the “growth of
Global South” by supporting its developmental needs and climate commitments, the bank’s President
Dilma Rousseff has told
Russian President Vladimir Putin on the
sidelines of the Russia-Africa Summit.A statement released by the Shanghai-headquartered multilateral bank on Thursday said that discussions between Putin and Rousseff focused on ways to “mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries (EMDCs)”.
Rousseff, the former president of Brazil, said that NDB was prioritizing the expansion of the bank’s membership and expressed optimism that
more developing countries would join the NDB in the coming years.
She underlined that bank was originally formed to focus on the developmental needs of low and middle-income nations.
“President Dilma Rousseff highlighted that, in line with the NDB’s General Strategy for 2022-2026, the bank is focusing on expanding local-currency financing and raising funds in the domestic markets of its member countries. Over the five-year strategy period, NDB aims to provide 30 percent of its total financing commitments in national currencies of member countries,” the NDB said.
Rousseff said that the upcoming BRICS’ leaders meeting in South Africa in August was crucial as it would present an opportunity to understand the “challenges currently facing developing countries”.
In her opening remarks published by Kremlin on Wednesday, Rousseff highlighted that the banks was facing “a number of problems, primarily concerning liquidity”.
She said that the NDB should “play a major role in the development of a multipolar, polycentric world”.
NDB Can Play a ‘Significant Role’ in Expanding Local Currency Settlements: Putin
President Putin said in his opening remarks that the NDB could play a “significant role” in promoting joint activities, including help to increase the use of “national currencies in their mutual settlements”, according to the Kremlin.
Putin highlighted that BRICS states don’t “ally against anyone” but were rather focused on working in each other’s best interests”.
“This applies to the financial sector as well,” the Russian President said.
According to NDB, it has agreed to
finance 96 projects valued at nearly $33 billion in BRICS states. The projects financed by NDB are in the realm of transport infrastructure, clean energy, water and sanitation, and digital infrastructure among others.
In line with the growing popularity of BRICS, a number of countries have also expressed an interest in joining the NDB, according to the bank.
