The bank’s president says that the institution will raise funds in different currencies to finance projects in countries with non-convertible currencies.| Photo: reproduction/NDB

The former president of Brazil and current president of the Banco dos Brics, Dilma Rousseff, said this Tuesday (30) that she will accept the adhesion of more countries to raise funds for social capital, and indicated that nations that do not have convertible currencies for transactions external can gain space in the institution.

“The countries that will join us will bring resources to the Bank, supporting the diversification of its portfolio and increasing its ability to mobilize resources. The expansion of the Bank’s membership will serve to strengthen our capital base, expanding support for new investments,” he said during the opening of the bank’s 8th annual meeting in Shanghai, China (see full text).

Although he did not mention who these new countries will be, the Bank of the Brics – which was founded with Brazil, Russia, India, China and South Africa – also accepted the adhesion of Bangladesh, United Arab Emirates and Egypt.

Dilma said that the NDB (New Development Bank) intends to raise funds in different currencies, such as Chinese yuan, dollar and euro to finance projects in local currencies of the so-called “Global South economies”.

“As their currencies are not fully convertible within the current financial architecture, economies in the Global South are often negatively impacted by sudden fluctuations in their exchange rates,” he added.