The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will improve cooperation with its African counterpart.
Brazil Wants the New Development Bank Under BRICS to Strengthen as Financing Instrument
Authorities in Brasilia consider the New Development Bank (NDB), created by the BRICS nations (Brazil, Russia, India, China, and South Africa), as a promising alternative to traditional financial institutions, Brazilian President Luiz Inacio Lula da Silva was quoted as saying by the Tass news agency.
Lula made the statement during a meeting with ambassadors from African countries. “We want the BRICS bank to strengthen as an alternative instrument for financing, and we will reinforce our cooperation with the African Development Bank,” he emphasized.
Current international financial and banking institutions
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