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      'The BRICS bank and fund are not against anyone'

      President Dilma Rousseff refutes the claim that the bank and fund were created by the BRICS countries to counter the IMF and World Bank: "They are not against anyone, they are in our favor. They are in favor of the BRICS countries, but they are also in favor of developing countries," she declared in a press conference after the plenary session of the 6th BRICS summit in Fortaleza (CE). The president assured that Brazil will not be defeated without the presidency of the Development Bank; "We all considered it fair that the first presidency should go to the country that proposed it, in this case, India," she explained.

      President Dilma Rousseff refutes the claim that the bank and fund were created by the BRICS countries to counter the IMF and World Bank: "They are not against anyone, they are in our favor. They are in favor of the BRICS countries, but they are also in favor of developing countries," she declared in a press conference held after the plenary session of the 6th BRICS summit in Fortaleza (CE); the president assured that Brazil will not be defeated without the presidency of the Development Bank; "We all considered it fair that the first presidency should go to the country that had proposed it, in this case, India," she explained (Photo: Gisele Federicce).

      247 - In a press conference held after the plenary session of the VI BRICS Summit in Fortaleza (CE), on the evening of Tuesday the 15th, President Dilma Rousseff refuted the claim that the new development bank and the contingent reserve arrangement by the countries of the bloc – Brazil, Russia, China, India and South Africa – were created to confront the IMF (International Monetary Fund) and the World Bank.

      "These institutions are not against anyone, they are in our favor, it's a different perspective. They are in favor of the BRICS countries, but they are also in favor of developing countries," she stated. Dilma guaranteed that the bank and the contingent arrangement will pay close attention to developing countries with very clear and firm rules regarding the economic sustainability of the institutions.

      The president also said that Brazil does not lose by not presiding over the BRICS Bank. According to her, there was a consensus among the countries for India to nominate the first president because it was the country that proposed the institution. "The bank was the result of a great consensus and will have immense new power to leverage resources," she emphasized. Regarding the headquarters in Shanghai, Dilma said that the Chinese Prime Minister, Xi Jinping, is committed to defining a location as soon as possible.

      "India proposed the BRICS Bank and we proposed the Contingent Reserve Arrangement. So, we all considered it fair that the first presidency should go to the country that had proposed it, in this case, India, and that's exactly what happened. The second presidency, in rotation, would then be Brazil's. And the Contingent Reserve Arrangement doesn't have a presidency, but it's good to say that it was an initiative of the Brazilian government over this period," he explained.

      Finance Minister Guido Mantega also said on Tuesday that other emerging countries are already interested in participating in the newly created BRICS development bank. He further stated that the new institution will not compete with the National Bank for Economic and Social Development (BNDES) and other development banks for financing, such as that focused on infrastructure.