Brazilian President Luiz Inacio Lula da Silva this Thursday in Shanghai noted the “transformative potential” of the BRICS Bank as an institution that “liberates” developing countries from “subordination” to dominant financial institutions.
“For the first time, a development bank of global scale is being created without the participation of developed countries at its initial stage, thus being free from the chains of conditions imposed by traditional institutions on emerging economies,” said Lula. in a speech delivered at the inauguration ceremony of Dilma Rousseff as president of the New Development Bank, created by the BRICS, a bloc of emerging economies that unites Brazil, Russia, India, China and South Africa.
The Brazilian head of state, who accused the dominant financial institutions of “pretending to run” developing countries “without having the authority to do so,” also stressed the importance of the New Development Bank in financing projects in the countries’ respective local currencies. , members.