The director of the New Development Bank affirms that the countries that make up the BRICS are “powerful economies with great potential and capacity for growth” and that they have already surpassed the G7.
The former president of Brazil and director of the New Development Bank, Dilma Rousseff, considered that the BRICS block of emerging economies has already surpassed the G7, if its GDP is taken as a measurement parameter.
Quoted by the official Xinhua news agency, Dilma Rousseff stated that the countries that make up the BRICS (bloc formed by Brazil, Russia, India, China and South Africa plus Egypt, Iran, United Arab Emirates and Ethiopia) They are “powerful economies with great potential and capacity for growth”.
The statements by the former president of Brazil (2011-2016) coincide with the start, this Tuesday, of the bloc’s summit in the Russian city of Kazan.
The member countries of the group “realized that “It is very important that emerging and developing countries have adequate mechanisms and instruments.”Dilma pointed out.
“That’s why, created the New Development Bank and the Reserve Fund“added Dilma, in reference to the bank she directs and the Contingent Reserve Agreement (CRA), created to compete with institutions such as the IMF or the World Bank.
The Kremlin confirmed that a total of 24 heads of state and government will participate in the BRICS summit in Kazan, including the leaders of China, India and Türkiye.
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In June, Dilma visited Russia, where she met with Russian President Vladimir Putin. Both discussed a financing strategy for important projects on Russian territory by the BRICS credit institution.
Last year, the institution announced the temporary cessation of its operations in Russia, since “the existence of an international financial system cannot be denied.” in the context of Western sanctions against Moscow due to the war in Ukraine.
The decision to create a bank within the BRICS countries was made in 2013, during the Durban summit in South Africa, and a year later this decision was sealed in Brazil with the signing of the corresponding agreement.
The BRICS New Development Bank, headquartered in the Chinese city of Shanghai, officially began operations in July 2015.
Source: Observadora
