The New Development Bank (NDB) BRICS has concluded a loan agreement with Brazil for 1 billion dollars. This was reported in the NDB.
The BRICS NDB has provided Brazil with financial resources to help the Latin American country rebuild its economy. The agreement was signed by the bank’s head Dilma Rousseff and Brazilian Finance Minister Fernando Addad in Marrakech, Morocco.
The decision to create a New Development Bank within the BRICS framework was made back in 2013 at the summit in South Africa’s Durban, and the agreement on the bank was signed in 2014 at the summit in the Brazilian city of Fortaleza.
In 2015, the bank was officially launched at the inaugural meeting of the bank’s board of governors. The Bank’s main objective is to finance infrastructure and sustainable development projects in BRICS member countries and developing countries.
Earlier, Russian Ambassador to Argentina Dmitry Feoktistov said that BRICS is not an “anti-Western bloc”. The organisation is not competing with anyone and does not aim to become another hegemon. He stressed that Argentina’s accession to the Five will allow it to stabilise its financial and economic situation. The country will also be able to apply for accession to the New Development Bank.