BRICS Bank to finance members' projects in local currencies

The New BRICS Development Bank (NDB) is set to launch payments in local currencies to invest in the private sector of the economies of the grouping's member states.

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14 October 2024

EghtesadOnline: The New BRICS Development Bank (NDB) is set to launch payments in local currencies to invest in the private sector of the economies of the grouping's member states, according to a statement by the financial institution's president Dilma Rousseff. This is reported by Brasil 247, a partner of TV BRICS.

The NDB director identified three main areas of focus for the bank in the coming years: sustainable development and technology transfer. The second is the expansion of the bank's activities in the Global South. Finally, the bank will increasingly seek to finance the private sector in local currency.

"We have a plan from 2022 to 2026 that 30 per cent of our investments should be in the private sector and another 30 per cent in local currency," Dilma Rousseff, President of the New Development Bank said.

In addition, the head of the financial institution stresses that the main objective is the development of infrastructure in all areas, with a special focus on sustainability, particularly in combating the effects of climate change.

"We are investing in renewable energy, wind, solar, hydroelectric, transmission networks <...> we are investing, for example, in what I consider very important: the problem of waste," she added.

The New Development Bank was created by the BRICS member states on the basis of an intergovernmental agreement signed at the 6th BRICS Summit in Brazil in 2014 to support various projects in the BRICS member states and developing countries.  / Mehr