The top figureheads of the BRICS alliance say that the coalition represents a complete reconfiguration of global order as the old world fades away. The foreign ministers of BRICS, which currently represents the countries of Brazil, Russia, Iran, China and South Africa, just met in Cape Town for a summit. According to a report from […]
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Brazilian President Luiz Inacio Lula da Silva stated Brazil will serve as a facilitator to try and arrange BRICS bloc assistance for Argentina. Lula stated that the New Development Bank — the BRICS bank — could modify some of its rules to aid Argentina. Also, the two countries are negotiating the establishment of a credit […]
The development bank established by the BRICS group of nations has issued its first “green” bonds in U.S. dollars (USD). Proceeds from the placement will be used to fund “green” projects supported under the banking institution’s sustainable financing policy. BRICS Development Bank Launches 3-year ‘Green’ Bonds The New Development Bank (NDB), founded by the BRICS […]
According to Brazil’s president Luiz Inácio Lula da Silva, developing countries should abandon the U.S. dollar and strengthen their own national currencies. During a speech at the New Development Bank in Shanghai, Lula expressed his nightly pondering: “Why do all countries have to base their trade on the dollar?” Brazil’s President Wants to Reduce the […]
Egyptian lawmakers recently hailed the parliament’s endorsement of a pact that allows the country to join the New Development Bank, a report has said. According to the report, the lawmakers believe joining this BRICS-backed institution will help Egypt reduce its demand for dollars and enable it to preserve its forex reserves. Joining BRICS Following the […]