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<p><strong>The president of the BRICS Bank talked about the importance of creating a financial system focused on the Global South.</strong></p>
<h2 style="text-align: center;" id="brics-bank-president-8217-s-speach">BRICS Bank President&#8217;s Speach</h2>
<p>Dilma Rousseff, president of the New Development Bank (NDB), also known as the BRICS bank, has <a href="https://www.ndb.int/insights/address-by-ndb-president-dilma-rousseff-at-opening-of-the-plenary-session-of-the-8th-annual-meeting-of-the-ndb/" target="_blank" rel="noopener">emphasized</a> the need for a financial system designed for the Global South. In her keynote speech at the 14th Lujiazui Forum, Rousseff highlighted the importance of establishing alternative financial structures to support sustainable growth.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">At the 14th Lujiazui Forum in Shanghai, NDB President Dilma Rousseff called for urgent action to create a new financial architecture to channel liquidity towards the Global South, especially in local currencies, to promote inclusive and sustainable growth. <a href="https://t.co/PNWCPLdWLB">pic.twitter.com/PNWCPLdWLB</a></p>
<p>— New Development Bank (@NDB_int) <a href="https://twitter.com/NDB_int/status/1667020632041861120?ref_src=twsrc%5Etfw">June 9, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="direct-liquidity-for-global-south-countries">Direct Liquidity for Global South Countries</h2>
<p>Rousseff emphasizes the urgency of creating a new financial architecture to channel liquidity for the countries of the Global South. The Global South refers to underdeveloped countries outside traditional centers of power. Rousseff believes that providing financing in local currencies is essential for promoting long-term investments and protecting borrowers from currency fluctuations.</p>
<h2 style="text-align: center;" id="supporting-multilateralism">Supporting Multilateralism</h2>
<p>Rousseff recognizes the strategic significance of multilateralism and highlights the Chinese &#8220;Belt and Road&#8221; initiative as a promoter of balance in the new multipolar world order. The NDB, originally established by Brazil, Russia, India, <a href="https://walletinvestor.com/magazine/chinese-digital-yuan-a-potential-brics-currency" target="_blank" rel="noopener">China</a>, and South Africa (BRICS), has expanded its membership to include countries like Bangladesh, Egypt, UAE, and potentially Argentina and Honduras. Rousseff envisions the BRICS bank as a force for building a more equitable and sustainable world.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/BRICS?src=hash&amp;ref_src=twsrc%5Etfw">#BRICS</a> bank president Dilma <a href="https://twitter.com/hashtag/Rousseff?src=hash&amp;ref_src=twsrc%5Etfw">#Rousseff</a> mentioned <a href="https://twitter.com/hashtag/multilateralism?src=hash&amp;ref_src=twsrc%5Etfw">#multilateralism</a> had a &#8220;strategic significance,&#8221; with projects like the Belt and Road initiative promoting a balance in the new multipolar world. <a href="https://t.co/mFJvJCAxK0">https://t.co/mFJvJCAxK0</a></p>
<p>— Bitcoin News (@BTCTN) <a href="https://twitter.com/BTCTN/status/1668975520355164160?ref_src=twsrc%5Etfw">June 14, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="the-unique-role-of-the-ndb">The Unique Role of the NDB</h2>
<p>The NDB stands out among multilateral development banks due to its focus on developing countries and emerging economies. Its mission is to mobilize resources for investments in logistical, social, environmental, and digital infrastructure, aiming for sustainable development. Rousseff explains the importance of addressing economic, social, logistical, and environmental challenges in these countries.</p>
<h2 style="text-align: center;" id="priorities-for-the-ndb">Priorities for the NDB</h2>
<p>The NDB&#8217;s priorities for the future include expanding outreach, strengthening cooperation, and increasing participation in co-financing operations. The bank aims to diversify its membership, raise funds in various currencies, and provide more financing in local currencies. Additionally, the NDB aims to promote social inclusion by supporting projects that reduce inequalities and improve living standards in the Global South.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Rousseff&#8217;s call for a financial system focused on the Global South highlights the need for tailored financing solutions that address the unique challenges faced by developing countries. The NDB, as a cooperative of countries committed to climate, social inclusion, and economic modernization agendas, aims to become a leading development bank for emerging markets and developing countries. By expanding partnerships and diversifying funding sources, the NDB aims to promote true multilateralism and cooperation among developing countries.</p>

BRICS Bank President Urges the Creation of a Global South Focused Financial System

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