The New BRICS Development Bank (NDB) is poised to enhance its investment strategy by launching payments in local currencies, aimed at financing projects within the private sectors of its member states. This initiative was announced by NDB President Dilma Rousseff, as reported by Brasil 247, a partner of TV BRICS.
Rousseff outlined three primary focus areas for the bank in the coming years: advancing sustainable development and technology transfer, expanding activities in the Global South, and increasing financing for the private sector in local currencies. She emphasized that by 2026, 30% of the bank’s investments will target the private sector, with an equivalent portion allocated for projects financed in local currencies.
“The main goal is to foster infrastructure development across all sectors, with a particular emphasis on sustainability and addressing climate change,” Rousseff stated. She highlighted that the bank is actively investing in renewable energy projects, including wind, solar, and hydroelectric power, as well as improvements to transmission networks. Rousseff also pointed out the importance of addressing waste management issues as a critical investment area.
The NDB was established by BRICS member states through an intergovernmental agreement during the 6th BRICS Summit in Brazil in 2014. Its mission is to support diverse projects in BRICS countries and other developing nations, contributing to economic growth and development within these regions.
