KAZAN — The BRICS New Development Bank is committed to providing financing in national currencies to countries of the Global South, according to Dilma Rousseff, the bank’s president.
Rousseff made the statement on Tuesday during a meeting with Russian President Vladimir Putin in Kazan, on the sidelines of the BRICS Summit which opened in Kazan on Tuesday.
“We have indeed allocated quite large-scale funding for a number of projects, but it is still insufficient in comparison with the needs of the countries of the Global South. That is why it is very important to provide financing in national currencies, in special formats. And the New Development Bank is committed to this,” she said.
Putin, who met with Rousseff in the Governor’s Palace of the Kazan Kremlin, praised the bank as a promising and effective financial entity.
Since 2018, the bank has financed projects totaling $33bn, Putin noted. “Since 2018, I think 100 projects have been financed for a total of $33bn,” he said.
Putin emphasized the importance of increasing the use of BRICS national currencies for settlements, arguing that it will help reduce geopolitical risks and strengthen the economic resilience of member states.
“Increasing settlements in local currencies allows us to reduce debt servicing, increase the financial independence of BRICS member countries and minimize geopolitical risks, freeing economic development from politics as much as possible in today’s world,” Putin said.
Rousseff also emphasized the importance of expanding BRICS and focusing on the countries of the Global South. “Now we see how the BRICS union is going through one of the new stages of its growth. And I believe that BRICS can also include other countries of the Global South… In this regard, both the expansion of the BRICS and the focus of our attention on ensuring the necessary financing of projects in the countries of the Global South is a priority,” she added.
