Brazilian President Luiz Inacio Lula da Silva and the head of the New Development Bank (NDB), Dilma Rousseff, took part in a ceremony marking the Bank’s 10th anniversary. The event took place in Rio de Janeiro on the eve of the BRICS Summit. The information was published on the
official website of Brazil’s BRICS Presidency.

Lula highlighted the role of the Bank in promoting reforms in global financial institutions. This issue is one of the priorities being discussed for the forthcoming final declaration of the group. According to the President, the creation of the NDB in 2014 was the result of the developing countries’ desire to overcome the shortage of financing for sustainable development.

“The absence of effective reforms in traditional financial institutions over the decades has limited the volume and type of lending,” said Lula.

He also noted the NDB’s participation in initiatives launched during Brazil’s G20 Presidency, the Global Alliance Against Hunger and Poverty, as well as the BRICS TB Research Network.

Dilma Rousseff, in turn, emphasised that the Bank’s objective over the next ten years is to strengthen its position as an institution.

“We are just getting started. In its first decade, the NDB laid the foundations. In the next decade, we must consolidate our leadership role for fair, sustainable, and autonomous development in a multipolar world,” she said.

Finance ministers of the BRICS countries (South Africa, India, and Russia) were also present at the ceremony and are due to hold a joint meeting shortly.

Since its establishment, the NDB has approved more than 120 projects worth US$40 billion in the areas of clean energy, transport, environmental protection, and water supply. In Brazil, more than 20 projects have been financed, with a total value exceeding US$3.5 billion.

Lula recalled that 40 per cent of the funds allocated by the NDB are directed towards supporting sustainable development. This aligns with the climate cooperation document expected to be adopted at the summit. He also stressed that Brazil aims to secure US$1.3 trillion in international financing by the COP30 conference in Belem.

Dilma Rousseff emphasised the need for concrete mechanisms to adapt to climate change. She stated that the NDB must increase its investments in green infrastructure, clean energy, and new technologies.

Photo:
Official website of Brazil’s BRICS Presidency