The New Development Bank (NDB), also known as the BRICS Bank, will allocate $1.115 billion in assistance measures to the state of Rio Grande do Sul, in southern Brazil. The announcement was made on social media on Tuesday (May 14) by NDB President Dilma Rousseff.
On X, Rousseff described the moment faced by the Brazilian state as difficult and painful, and referred to it as a public calamity. “It has been weeks of great pain and sadness. I spoke with President Lula and the governor of [Rio Grande do Sul] Eduardo Leite about how to deal with this dramatic situation and see how we could provide financial aid.”
“The BRICS Bank has a commitment and will work to rebuild and restore the state’s infrastructure. We want to help people rebuild their lives. We will allocate resources to the state as quickly as possible, totaling $1.115 billion,” she wrote.
The amount, Rousseff reported, will be released in collaboration with four Brazilian banks — the national development bank BNDES, Banco do Brasil, and BRDE, a development bank created by the southern states.
“The management of these funds is flexible. The allocation of this money can be directed according to the needs of the state,” she continued to state.
“I am sure that, with the strength of the people of Rio Grande do Sul, the solidarity of the Brazilian people and the international community, this crisis will be overcome. We must take all measures to ensure that this never happens again,” she concluded.
Former Brazilian President Dilma Rousseff was elected president of the NDB in March last year. She replaced Marcos Troyjo, former special secretary of the old Ministry of Economy, who held the position since July 2020. Rousseff will preside over the BRICS Bank until July 2025, when Brazil’s term at the helm of the Shanghai-based financial institution ends. Each BRICS country — Brazil, Russia, India, China, and South Africa — presides over the bank for a rotating term of 5 years.Latin American bank releases $746 million for Rio Grande do Sul
Like the BRICS Bank, the Development Bank of Latin America and the Caribbean (CAF) also announced on Tuesday (May 14) a package of measures with the potential to reach $746 million in financial resources to support the reconstruction of the state of Rio Grande do Sul.
“We express our absolute solidarity with the country and are available to support the immediate relief work for the victims and the reconstruction of the state’s infrastructure, in coordination with the guidelines of the federal, state, and municipal governments,” said CAF President Sergio Díaz-Granados in a statement.
The bank immediately made a donation of $250,000 available to support emergency work and $1 million in non-reimbursable cooperation for the Ministry of Planning and Budget, to be used in climate change mitigation measures.Source: Agência Brasil