BRICS bank to open branch in Brazil

President Michel Temer said Brazil is working to have a branch of the New Development Bank—the so-called BRICS Bank—open in the country. The statement was made during the opening of the 9th BRICS summit for heads of state, held today (Sep 4) in the Chinese city of Xiamen. BRICS is a bloc made up of Brazil, Russia, India, China, and South Africa.

“During talks with Brazilian investors a while ago, we announced we are taking care of the installation of the office of the New Development Bank in our country, in Brazil,” he said.

According to Brazilian Chancellor Aloysio Nunes, the negotiations for the opening of a branch of the multilateral institute in São Paulo or Rio de Janeiro have been significantly advanced. “This should materialize shortly,” he declared. Since it started operations, in 2015, the bank, headquartered in Shanghai, has approved 11 loans adding up to $3 billion.

The bank offers funding for infrastructure and sustainable development projects in BRICS countries, but transactions may be extended to developing countries and countries interested in loans from the institution.

Facilitated trade

In his speech, Temer also argued for facilitated commerce among BRICS member countries. “We need to simplify export and import procedures, and perhaps also make government deliberations quicker,” he said. This is the goal of the deals BRICS representatives are to sign today.

Also scheduled is a meeting between Temer and Indian Prime Minister Narenda Modi.

Later today, BRICS leaders are expected to meet with the bloc’s business council and to have a dinner offered by host President Xi Jinping.

*The reporter traveled at the invitation of the China-Latin America and the Caribbean Press Center.

Translated by Fabrício Ferreira