Expected between March 29 and 31, the meeting with Lula in Shanghai, where the NDB is based, should be marked by Dilma’s official inauguration at the bank she helped found in 2014.
when the president Luiz Inácio Lula da Silva arriving in Shanghai, in the last leg of the trip to China, you will meet an old acquaintance. At that time, the former president Dilma Rousseff he will head the New Development Bank (NDB), the official name of the Brics Bank, a block made up of Brazil, Russia, India, China and South Africa. With $32 billion in approved projects since 2015, the bank currently invests $4 billion in Brazil, mainly in highways and ports.
Expected between March 29 and 31, the meeting with Lula in Shanghai, where the NDB is based, should be marked by Dilma’s official inauguration at the bank she helped found in 2014. According to the specialists interviewed da Agência Brasil, the bank’s new commander, has the opportunity to expand the bank’s international reach, but will face two major challenges: boosting projects related to the environment and circumventing the geopolitical impact of Western retaliation against Russia , one of the founding partners.
As for the green economy, the main challenge of Dilma, who has faced conflicts with the government’s environmental area in both terms of Lula, will not be the adaptation to the new environmental needs of infrastructure projects. At the 27th United Nations Conference on Climate Change (COP-27), in Egypt, the NDB pledged to increase funding for environmentally sustainable projects, but the success of this mission hinges on China and Russia’s willingness to inject money into such of enterprise.
“At this point it will depend more on who puts the money and finances the projects, mainly Russia and China, which do not have this environmentalist profile, deciding to give value to more environmentalist projects. Dilma’s adaptation to the green economy profile is the last of the problems”He says Carla Beni, economist and MBA professor at Fundação Getúlio Vargas (FGV) in São Paulo. She, however, points out that China can use the bank to soften the image of a major carbon emitter and finance these projects.
Articulation
Doctor in international relations at the University of Lisbon and member of the Portuguese Association of Political Sciences, the economist Igor Lucena Agree. For him, the articulation between the member countries of the Banco do Brics will be important for the partners to present medium and long-term green sustainability projects.
“We know that these projects are not simple, they take time to be successful, such as green hydrogen in Ceará, but they are important projects and this could be a legacy for President Dilma and a sign of her management within the bank. Therefore, this will have to be done in collaboration with the member countries and, perhaps, make it a requirement for new countries that want to join the bank, the possibility and the need to invest capital within this green project.”suggest.
Russia
Another challenge that Dilma will have to face at the head of the NDB will be the resistance of Western countries against Russia. According to Lucena, sanctions due to the war in Ukraine prevent the bank from issuing bonds on the European and North American financial markets. The new president of the institution will have to find options for raising funds outside the BRICS.
“There will be a greater need for President Dilma to articulate with countries not tied to sanctions against Russia so that the bank can issue bonds, debt in states and regions able to absorb these papers and give the bank financial capillarity. Perhaps this is former president Dilma’s biggest challenge within the BRICS: the international situation in Russia and its impact within the bank itself”says Lucena.
Carla Beni acknowledges the difficulties caused by the war in Ukraine and by the increase in international interest rates, but says Dilma has one thing in her favor: the restoration of Brazil’s image abroad after Lula takes office. “Dilma’s management can improve the image and relevance of the bank and this strengthens the position, because the government has announced and is making it clear that it wants to strengthen Brazil’s alliance with the world. President Lula opened the government saying that Brazil has returned to the negotiating table”explains.

Source: Terra

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