Dilma recovers NDB finances and expands strategic funding to governments and companies.
The BRICS Bank has resumed fundraising and lending operations, receiving recognition from Japan's leading risk rating agency.
247 - During her two years leading the New Development Bank (NDB), recently renewed for a second term, former President Dilma Rousseff managed to reverse the chaotic situation inherited from her predecessor, Marcos Troyjo. When she took over the institution in March 2023, Dilma found a bank unable to lend, with severe liquidity problems and lacking an efficient governance plan. In a short time, her administration restored the NDB's capacity to raise funds and finance essential projects for BRICS member countries and new partner nations.
During Marcos Troyjo's tenure, the NDB went 15 months without raising funds in US dollars, from December 2021 to March 2023. This gap deprived the bank of the opportunity to benefit from historically low interest rates in the United States and Europe. Furthermore, the fundraising program in the Chinese market via the issuance of Panda Bonds was overdue for seven months, compromising the NDB's cash flow and exacerbating its liquidity crisis.
In terms of governance, the bank even lacked an executive committee where the Board of Directors could discuss strategies and make joint decisions. This gap was resolved with the creation of the Executive Committee in April 2023. There were also investments in Information Technology and Cybersecurity to modernize the bank's processes.
Downgrade of the rating and subsequent recognition of the progress made by Dilma's administration.
The lack of funding forced the bank to suspend disbursements for projects in member countries. This scenario resulted in a downgrade of the NDB's rating by Fitch, which in July 2022 reduced the bank's rating from AA+ to AA, citing difficulties in accessing international markets. With the recovery of credibility and the return to funding, Fitch reaffirmed the AA rating in May 2023 and changed the outlook from negative to stable. In March 2025, the Japanese agency JCR issued an AAA rating, highlighting the strengthened governance and solidity of the bank.
Since Dilma Rousseff took office, the NDB has returned to the market 40 times, raising approximately US$14 billion in various currencies. Key milestones in this financial recovery include:
- Return to the public dollar market with fundraisings of US$1,25 billion in March 2023 and US$1,2 billion in November 2024;
- Renewal of the Panda Bonds program in China, with four issuances totaling US$4 billion;
- Expanding operations in the funding markets of Asia and the Middle East.
With these measures, the NDB overcame the liquidity crisis and today operates with an active treasury focused on ensuring the institution's solidity.
Support for Brazil and new projects
Before Dilma Rousseff took office, Brazil accounted for only 12% of NDB disbursements. This percentage rose to 18% by the end of 2024, aligning with the country's shareholding in the bank (18,98%). The increase represented an addition of US$1,97 billion.
Among the projects funded in Brazil, the following stand out:
- Smart Hospital – Partnership between the NDB, USP, and the Ministries of Health and Science and Technology to improve diagnoses with artificial intelligence. "It will ensure more accurate diagnoses and reduce costs," said Dilma.
- Development Bank of Minas Gerais (BDMG) – US$200 million for investments in small municipalities with a focus on sustainable development;
- State of Paraíba – US$61 million for water supply infrastructure in 16 municipalities in the Agreste and Sertão regions;
- CPFL Energia – US$230 million for modernization of electrical infrastructure.
International expansion and future prospects
With Dilma as president, the NDB continues to expand its membership base. In 2024, Algeria joined the bank, and Uruguay is in the final stages of accession. Another 17 countries have expressed interest.
In an interview with Leonardo Attuch, editor-in-chief of Brasil 247, at the NDB headquarters in Shanghai, Dilma highlighted the role of BRICS in global multipolarity. "BRICS is a factor of stability in times of uncertainty," she stated. According to Dilma, BRICS plays an essential role in building a more multipolar world. "The parameter of international relations cannot be force. It has to be respect between countries," she concluded.
With liquidity restored, governance improved, and operations expanded, the NDB consolidates its position as one of the world's strongest development banks, resuming sovereign lending operations for countries and companies alike. Check out their interview:
