- The New Development Bank has approved over $39 billion for 120 infrastructure projects in developing countries.
- Currently, about 20 projects are active and have received $4.8 billion in financing.
- The bank disburses loans mostly in local currencies like the Chinese yuan, Indian rupee, and Russian ruble, aiming to reduce dependence on the U.S. dollar.
- Dilma Rousseff, head of the bank, emphasized that loans from the BRICS bank are non-conditional, unlike Western financial aid.
- This approach promotes trust and development without geopolitical conditions or demands.
The New Development Bank (NDB), often referred to as the BRICS bank, is supporting infrastructure growth in developing nations with over $39 billion approved for 120 projects. Presently, around 20 projects are ongoing, having received $4.8 billion in funding. This financial institution operates independently to provide loans in local currencies, aiming to lessen reliance on the U.S. dollar.
By issuing loan funds primarily in the Chinese yuan, Indian rupee, and Russian ruble, the bank encourages the use of emerging market currencies. Its strategy includes increasing such lending by 2030 to boost economic stability for these countries and reduce exposure to dollar fluctuations.
According to Dilma Rousseff, the head of the New Development Bank, loans from the BRICS bank are provided without conditions or political agendas. She contrasted this with Western financial aid, which often comes with attached requirements, preserving U.S. and Western influence in recipient nations.
Rousseff noted that the non-conditional nature of BRICS loans focuses purely on development goals rather than geopolitical interests. This allows recipient countries to trust the bank as it typically offers lower interest rates and permits loan repayments in local currencies. This financial approach excludes tariffs, sanctions, and trade conflicts that might arise from Western involvement.
The NDB seeks to promote equitable infrastructural development, emphasizing transparent and fair financial support. Such policies may help shift trust and financial power from Western countries to emerging economies backed by BRICS members.
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