"Without railways there is no development," says Dilma Rousseff about the Bioceanic Railway.
The president of the "BRICS bank," the NDB, detailed the innovative financing model in local currencies, reducing costs for the Global South.
247 - The president of the New Development Bank (NDB) and former president of the Republic, Dilma Rousseff, closed, this Wednesday (9), the event "BRICS for a Sustainable Future", promoted by BNDES and supported by Brazil 247 e Guancha, in Rio de Janeiro-RJ.
In her speech, the head of the "BRICS bank," based in Shanghai, China, highlighted that the world is going through "a critical moment," and that various geopolitical problems are now compounded by the trade war.
"This implies thinking about a new form of development, with sustainability at the center," Rousseff stated, highlighting that "for the Global South, the challenge is even greater."
According to Rousseff, some of the main challenges faced by these countries are fostering a system of "education for innovation," distributing income, and "balancing efficient markets with a functional government."
In this regard, the NDB president mentioned China's successful example, which was achieved through planning. According to Rousseff, China innovated especially in the areas of energy transition and technologies to combat climate change.
At the same time, she stated that "each country must follow its own path and not mirror the past" and create its own "innovation ecosystems," relying on the partnership of the NDB.
Rousseff highlighted the need to expand international financing to countries in the Global South, and advocated for increased use of local currencies, which facilitates borrowing and reduces costs.
"We have a financing problem to solve," he emphasized, reinforcing that platforms like the NDB and national development banks meet these needs, but that a more in-depth discussion is needed on ways to intensify this process.
"Using local currencies leads to lower interest rates and helps mitigate exchange rate risks," he explained. "We ensure access to cheaper currencies."
In this regard, the NDB president stated that currently 25% of the bank's portfolio is denominated in local currencies, and the goal is to reach 30% soon.
The NDB, Rousseff said, has the mission of financing "infrastructure, sustainability, always with a focus on impact and inclusion," before detailing a series of NDB projects in Brazil, Russia, India, Egypt, Bangladesh, among others.
"All projects aim to guarantee impact," he stated, before concluding his speech, during which he also mentioned the railway that will connect Brazil to the Atlantic, with support from China.
"Without railways or waterways, there is no sustainable development," he stressed.
At the end of her speech, Rousseff reaffirmed that the NDB does not implement conditionality policies.
