Brazilian President Luiz Inacio Lula da Silva said his country sees the New Development Bank (NDB), created by the BRICS countries, as a promising alternative to traditional financial institutions.
“We want the BRICS Bank to become the strongest alternative financing tool, and we will strengthen our engagement with the African Development Bank,” Silva said during a meeting with heads of African diplomatic missions on Thursday.
In the words of Lula da Silva: Traditional international financial institutions do not consider the needs of developing countries and are not suitable for them, because many of these countries are “choking on unsustainable debt.”
The new development bank was created by the decision of the BRICS countries on the basis of an agreement signed at the BRICS summit in Fortaleza, Brazil in July 2014, when its current president, Dilma Rousseff, was the president of Brazil.
The aim of the bank is to finance infrastructure and sustainable development projects in the BRICS countries and developing countries.
In 2021, the New Development Bank agreed to accept Bangladesh, Egypt, the United Arab Emirates and Uruguay as new countries participating in the bank’s activities.
BRICS countries (Brazil, Russia, India, China and South Africa)