BRICS Bank deposits one billion US dollars in the form of a loan to Brazil

Hey scar (New Development Bank, its acronym in English), BRICS Bank reported on Thursday (December 21, 2023) that it has deposited US$1 billion in loans to Brazil. These funds are part of the agreement concluded by the Minister of Finance in October. Fernando Haddad (PT), Chairman of the Monetary Agency, Dilma Rousseff (PT).

The freed resources – equivalent to R$5 billion – will be used “To finance development and infrastructure projects”.

Brazil has already received US$6.1 billion in loans from the bank since its establishment 8 years ago. According to Dilma, during her administration alone, throughout 2023, US$2.8 billion was approved. This is equivalent to 45% of the resources allocated to the state since 2015.

“Some projects got the green light from the bank at that time, but the government at that time was not interested in getting the resources. And now with President Lula [PT]That has changed. Brazil again requested resources from the New Development Bank, as a founding member.The head of the financial institution said.

NBD is a bank formed by developing countries and emerging economies of the same group of countries. The Foundation focuses on investments that promote sustainable and comprehensive development. It consists of 5 member states: Brazil, Russia, India, China, South Africa, and partners Egypt, the United Arab Emirates and Bangladesh.