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Project financing in national currencies important for BRICS — NBD President

"We indeed realized and directed rater large-scale funding to a number of projects but it is still insufficient, compared to needs of Global South countries," Dilma Rousseff noted

KAZAN, October 22. /TASS/. The BRICS New Development Bank (NDB) is committed to project financing in national currencies, NDB President of Dilma Rousseff said at the meeting with Russian President Vladimir Putin.

"I believe this BRICS meeting is very important. Countries of Global South badly need funding at the moment, while conditions to obtain it are rather difficult," Rousseff said. "We indeed realized and directed rater large-scale funding to a number of projects but it is still insufficient, compared to needs of Global South countries," she noted.

"That is exactly why it is critical to ensure financing in national currencies in special formats. The New Development Bank is committed to that in order to finance not merely sovereign projects but also projects in the line of the private initiative," the NDB President added.

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit will be the first to be attended by the new members of the association. Representatives of over 30 countries are expected to take part.

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