Latest news with #DilmaRousseff
IOL News
14-07-2025
- Business
- IOL News
BRICS+ Series: BRICS Summit in Rio Sparks Political Shockwave
Heads of state and government of member, partner, and external engagement countries pose for a family photo during the BRICS summit in Rio de Janeiro, Brazil, on July 7, 2025. The 2025 BRICS Summit in Rio De Janeiro, Brazil, took place amidst a myriad of geopolitical conflicts. As it stands: the Russia-Ukraine conflict has received renewed momentum; the crisis in the Middle East has been exacerbated involving both Iran and the US–culminating in the US striking Iran; the conflict between India and Pakistan remain tense; multiple African conflicts in the Democratic Republic of Congo (DRC), Sudan, and Sahel. BRICS 2025 Summit Agenda and Key Themes The BRICS 2025 summit features a broad and ambitious agenda, addressing several urgent global priorities. Discussions are set to cover public health cooperation, economic and financial integration, climate policy, artificial intelligence governance, multilateral security reforms, and institutional strengthening. On the issue of global health, leaders aim to promote fair and universal access to essential medicines and investment, and financial cooperation will be a major focus, with renewed dialogue on advancing a shared BRICS currency and reducing dependency on the US dollar in cross-border transactions. Climate change remains high on the agenda, with member states expected to launch a joint "BRICS Climate Leadership Strategy" to drive coordinated environmental action. Efforts to establish inclusive global frameworks for governing artificial intelligence will also take centre stage, as the bloc pushes for ethical and balanced oversight in emerging technologies. The summit will explore ways to reform the international peace and security system, advocating for more equitable global governance structures. Finally, institutional development will focus on enhancing internal coordination mechanisms within the newly expanded BRICS grouping. The New Development Bank In the lead-up to the 17th BRICS Summit, Colombia and Uzbekistan have formally become members of the New Development Bank (NDB), bringing the total number of participating countries to eleven. Established in 2015 by the founding BRICS nations, the NDB was created to finance infrastructure and sustainable development initiatives across emerging markets. Speaking at a press conference after the bank's 10th Board of Directors meeting, NDB President Dilma Rousseff reiterated the institution's commitment to supporting the Global South. She highlighted the importance of investment in innovation, science, and technology to help member states transition effectively into the Fourth Industrial Revolution. Current members of the NDB include India, Brazil, Russia, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, and Algeria. With its headquarters in Shanghai, the bank has so far approved over 120 projects spanning key sectors such as renewable energy, transportation, environmental conservation, water and sanitation, and digital infrastructure. Summit Overview: BRICS 2025 in Rio The 2025 BRICS summit marks a significant milestone for the coalition, underscoring the impact of its growing membership and increasing influence in world affairs. Under Brazil's presidency, the summit will reaffirm the bloc's commitment to deeper South-South cooperation and structural reforms in global governance institutions. Its wide-ranging agenda illustrates the diverse priorities and shared challenges confronting the Global South. Key Summit Developments Among the standout developments at the Rio summit were unified concerns over rising global tariffs, viewed as threats to fair trade—implicitly referencing recent US policies. BRICS leaders also condemned the targeting of Iranian infrastructure, reflecting shared unease over escalating regional tensions. The summit's focus areas—ranging from public health and financial sovereignty to climate action and AI regulation—highlight the bloc's broader ambition to shape international discourse. Beyond formal sessions, the event also served as an umbrella for cultural and economic engagements, such as the BRICS Games in Brazil and youth entrepreneurship forums in India, strengthening collaboration across various sectors. *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Cole Jackson Lead Associate at BRICS+ Consulting Group Chinese & South American Specialist ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
United News of India
08-07-2025
- Business
- United News of India
PM Modi meets Chilean President Boric-Font, NDB president Rousseff, UN chief Guterres
Brasilia/New Delhi, July 8 (UNI) Prime Minister Narendra Modi met with Chilean President Gabriel Boric-Font and Dilma Rousseff, president of the BRICS New Development Bank, on the sidelines of the Rio BRICS Summit. The PM also met with the UN Secretary General Antonio Guterres. In posts on X, the PM said: 'Delighted to have met President Gabriel Boric Font of Chile during the Rio BRICS Summit. India-Chile friendship is getting stronger and stronger!' This is their second meeting since April as the Chilean President had come to India on a five-day state visit, at the head of a high-level delegation comprising ministers, parliament members, senior officials, business representatives, and prominent Chileans involved in the India-Chile cultural exchange. The delegation also visited Agra, Mumbai, and Bengaluru. On his meeting with the NDB president and former president of Brazil, the PM posted on X: 'Productive interaction with Dilma Rousseff, President of the New Development Bank and former President of Brazil.' The PM also met the UN chief Guterres. 'Interacted with Mr. António Guterres, @UN Secretary General, on the sidelines of the BRICS Summit in Rio de Janeiro yesterday,' he posted on X. UNI RN
Zawya
08-07-2025
- Business
- Zawya
New Development Bank expands to 11 members, raises $16.1bln in 2024
The New Development Bank (NDB) has approved Colombia and Uzbekistan as new members, its president Dilma Rousseff said, as the lender focuses on expanding its membership and increasing financing in local currencies for sustainable development in the Global South. Speaking at the conclusion of the BRICS-led bank's Annual Meeting in Rio de Janeiro, Rousseff confirmed the decision by the Board of Governors, which is composed of the finance ministers of the BRICS countries. The additions bring the bank's total membership to 11 countries, which also includes its founders Brazil, Russia, India, China, and South Africa, as well as the United Arab Emirates, Bangladesh, Egypt, and Algeria. Rousseff said that other countries are under review for membership but did not disclose their names, citing internal confidentiality guidelines. 'Our expansion will follow strategic criteria, always with the goal of strengthening our representativeness within the Global South,' she explained. Rousseff also outlined the bank's governance model, drawing a contrast with institutions like the IMF and the World Bank. 'Our Bank was established by the Global South for the Global South, with a governance structure based on substantive equality among members,' she emphasized, noting that the model does not allow for unilateral veto power and rejects political or economic conditionalities on its loans. 'Our model is demand-driven. It is the member countries that define their development priorities, and we assess projects based on technical—not political—criteria.' The NDB president addressed a challenging 15-month period when the bank was unable to raise funds in international markets. Since taking leadership in March 2023, she said she has led a campaign to resume bond issuances, successfully raising $16.1bn in 2024 at competitive rates. 'Today we have strong credit ratings, including a AAA grade from the Japanese agency JCR, and we are expanding into new markets, such as yen-denominated instruments and the Middle East,' Rousseff said. The bank's approved project portfolio has now reached $40bn across 122 initiatives, with $22.4 billion already disbursed. Its investment strategy focuses on four pillars: logistics infrastructure, digital transformation, social infrastructure, and energy transition. Rousseff highlighted the bank's push to increase financing in local currencies to shield member countries from the risks ofrelying on the U.S. dollar. 'Any business or government that borrows in foreign currency becomes subject to decisions made by the Federal Reserve or other central banks in developed nations,' she cautioned. Technological innovation and cooperation among developing nations is another key theme, Rousseff said, positioning the NDB as a facilitator of knowledge-sharing. She cited a smart hospital project in São Paulo that incorporates Chinese expertise as an example of South-South cooperation. 'Storing wind and sunlight was once mocked as a fantasy, but today it is one of the most strategic areas in the global energy sector,' Rousseff noted. Asked about 'de-dollarization,' Rousseff said she did not see evidence of an imminent decline in the dollar's status but that the rise of local currency trade initiatives was an undeniable and positive development. Looking ahead, Rousseff said the bank's priorities include further strategic membership expansion, mobilising private capital, scaling up partnerships with research institutions, and continuing to increase local-currency operations. Founded in 2014 by BRICS countries as an alternative to traditional financial models, the Shanghai-headquartered NDB operates with a mandate of sustainable development and respect for national sovereignty.
Daily News Egypt
07-07-2025
- Business
- Daily News Egypt
NDB expands to 11 members, raises $16.1bn in 2024, says Rousseff
The New Development Bank (NDB) has approved Colombia and Uzbekistan as new members, its president Dilma Rousseff said, as the lender focuses on expanding its membership and increasing financing in local currencies for sustainable development in the Global South. Speaking at the conclusion of the BRICS-led bank's Annual Meeting in Rio de Janeiro, Rousseff confirmed the decision by the Board of Governors, which is composed of the finance ministers of the BRICS countries. The additions bring the bank's total membership to 11 countries, which also includes its founders Brazil, Russia, India, China, and South Africa, as well as the United Arab Emirates, Bangladesh, Egypt, and Algeria. Rousseff said that other countries are under review for membership but did not disclose their names, citing internal confidentiality guidelines. 'Our expansion will follow strategic criteria, always with the goal of strengthening our representativeness within the Global South,' she explained. Rousseff also outlined the bank's governance model, drawing a contrast with institutions like the IMF and the World Bank. 'Our Bank was established by the Global South for the Global South, with a governance structure based on substantive equality among members,' she emphasized, noting that the model does not allow for unilateral veto power and rejects political or economic conditionalities on its loans. 'Our model is demand-driven. It is the member countries that define their development priorities, and we assess projects based on technical—not political—criteria.' The NDB president addressed a challenging 15-month period when the bank was unable to raise funds in international markets. Since taking leadership in March 2023, she said she has led a campaign to resume bond issuances, successfully raising $16.1bn in 2024 at competitive rates. 'Today we have strong credit ratings, including a AAA grade from the Japanese agency JCR, and we are expanding into new markets, such as yen-denominated instruments and the Middle East,' Rousseff said. The bank's approved project portfolio has now reached $40bn across 122 initiatives, with $22.4 billion already disbursed. Its investment strategy focuses on four pillars: logistics infrastructure, digital transformation, social infrastructure, and energy transition. Rousseff highlighted the bank's push to increase financing in local currencies to shield member countries from the risks ofrelying on the U.S. dollar. 'Any business or government that borrows in foreign currency becomes subject to decisions made by the Federal Reserve or other central banks in developed nations,' she cautioned. Technological innovation and cooperation among developing nations is another key theme, Rousseff said, positioning the NDB as a facilitator of knowledge-sharing. She cited a smart hospital project in São Paulo that incorporates Chinese expertise as an example of South-South cooperation. 'Storing wind and sunlight was once mocked as a fantasy, but today it is one of the most strategic areas in the global energy sector,' Rousseff noted. Asked about 'de-dollarization,' Rousseff said she did not see evidence of an imminent decline in the dollar's status but that the rise of local currency trade initiatives was an undeniable and positive development. Looking ahead, Rousseff said the bank's priorities include further strategic membership expansion, mobilising private capital, scaling up partnerships with research institutions, and continuing to increase local-currency operations. Founded in 2014 by BRICS countries as an alternative to traditional financial models, the Shanghai-headquartered NDB operates with a mandate of sustainable development and respect for national sovereignty.
Malay Mail
07-07-2025
- Business
- Malay Mail
PM Anwar meets New Development Bank officials, says Malaysia reviewing possible membership
RIO DE JANEIRO, July 7 — Malaysia will conduct a comprehensive review of potential membership in the New Development Bank (NDB), taking into account various aspects, including the required commitments and the effectiveness of participation in the institution, said Prime Minister Datuk Seri Anwar Ibrahim. He made the statement after holding a meeting with senior officials of the NDB — formerly known as the Brics Development Bank — here today. Anwar met the Shanghai-based NDB delegation, led by its president Dilma Rousseff, on the sidelines of the Brics Leaders' Summit being held here. As a multilateral development bank established by developing countries, the NDB offers a competitive financing alternative, in line with Malaysia's aspiration to diversify infrastructure development sources and accelerate the transition to a green economy. 'Malaysia will thoroughly review the possibility of joining the NDB, taking into account various aspects, including the required commitments and the effectiveness of participation in the institution,' he said in a statement here. The prime minister also took the opportunity during the meeting to congratulate Rousseff on her reappointment and expressed Malaysia's openness to exploring potential cooperation with the NDB within the framework of sustainable development, infrastructure financing, and the strengthening of South-South cooperation. NDB is a multilateral development bank established by the BRICS nations. It currently has 11 members, namely Brazil, Russia, India, China, South Africa, Bangladesh, the United Arab Emirates, Egypt, Algeria, Colombia and Uzbekistan. Malaysia's participation in the summit is in its capacity as a Brics Partner Country and as Chair of Asean 2025. Malaysia officially became a Brics Partner Country on January 1 this year. — Bernama
