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☆ BRICS bank can help African countries tackle urgent challenges
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - The New Development Bank created by BRICS countries in 2015 can help finance African countries' projects to tackle their most urgent challenges, the bank's president Dilma Rousseff said on Thursday. The BRICS countries are "good partners" for Africa, former Brazilian President Rousseff said in a speech in Johannesburg, adding the bank would finance physical and digital infrastructure projects in Africa as well as educational ones. "The New Development Bank has the potential to be the leader of projects that address the most urgent challenges of African countries," she said, pointing out that although Africa's share of foreign direct investment (FDI) rose to 8.8% of global FDI in 2021 from just 4.9% in 2010 it "can and must rise much more". Rousseff also pointed to the need for joint infrastructure projects between several countries, noting that Africa has the world's greatest untapped hydroelectric potential. Reporting by Sergio Goncalves Editing by Andrei Khalip and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Dilma Rousseff, Rousseff, Sergio Goncalves, Andrei Khalip, Mark Potter Organizations: New Development Bank, Thomson Locations: Africa, Johannesburg

Leslie Maasdorp, Vice President and chief financial officer (CFO) of New Development Bank (NDB), speaks during an interview with Reuters at the bank's headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 23 (Reuters) - The New Development Bank of the BRICS group of nations will not be announcing new members at the BRICS Summit in South Africa this week, its Chief Financial Officer Leslie Maasdorp told Reuters on Wednesday. The bank, which was set up in 2015 to give BRICS members Brazil, Russia, India, China and South Africa a greater say in financing infrastructure than in Western-led institutions like the World Bank, is keen to attract new members to boost its capital base after U.S. sanctions on Russia hobbled its lending. "The process of ratifying new countries is happening at the discussion of the (BRICS) leaders, which they are having without us as the bank," Maasdorp told Reuters in an interview on the sidelines of the summit. ($1 = 94.4650 roubles)Reporting by Rachel Savage; Writing by Bhargav Acharya; Editing by Alexander Winning and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Leslie Maasdorp, Aly, Maasdorp, Rachel Savage, Bhargav Acharya, Alexander Winning, Emelia Organizations: New Development Bank, Reuters, REUTERS, Rights, World Bank, United, United Arab Emirates, U.S ., Thomson Locations: Shanghai, China, Rights JOHANNESBURG, South Africa, Brazil, Russia, India, Western, Egypt, Bangladesh, United Arab, Saudi Arabia, Algeria, Argentina

☆ Top EU official warns West needs to act to avoid losing developing world's trust
▼ + stars: | 2023-08-23 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

[1/2] South African delegates sit behind a glass with BRICS logo as the BRICS summit is held in Johannesburg, South Africa August 23, 2023. Headquartered in Shanghai, the New Development Bank was established in 2015 by BRICS members. "It's symptomatic of something that Europe and Western institutions must confront urgently," Hoyer said of the bank's rise in importance. "Unless we offer genuine partnership and more convincing ways to address the challenges of the Global South whether it is in the energy transition, the issue of indebtedness or tackling glaring health inequality - we are heading for trouble." ($1 = 0.9252 euros)Reporting by Marc Jones Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Alet Pretorius, Werner Hoyer, Hoyer, Marc Jones, Tomasz Janowski Organizations: REUTERS, Investment, New Development Bank, Reuters, EU, West, United Nations, United Arab, Thomson Locations: Johannesburg, South Africa, China, Russia, Africa, EIB, Brazil, India, Ukraine, Shanghai, Bangladesh, United Arab Emirates, Egypt, Algeria, Argentina, Ethiopia, Honduras, Iran, Morocco, Saudi Arabia, Uruguay, Zimbabwe, Europe, Western

☆ Brazil's Lula in favor of Argentina joining BRICS bloc
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

SAO PAULO, Aug 22 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Tuesday he wanted Argentina to join the BRICS group of emerging countries, as Brazil's neighbor struggles with a lack of foreign reserves. "It is very important for Argentina to be in BRICS," Lula said in a live broadcast on social media as he attends the bloc's summit in South Africa. Argentina, whose largest trade partner is Brazil, has previously said it intended to join the BRICS bloc. Lula also said he was in favor of other countries joining the alliance, mentioning Indonesia as a potential new member. "We do not want to be a counterpoint to the G7, G20 or the United States," Lula said.

Persons: Luiz Inacio Lula da Silva, Lula, Javier Milei, Ian Bremmer, Gabriel Araujo, Kylie Madry, Mark Potter Organizations: SAO PAULO, International Monetary Fund, South, U.S ., Thomson Locations: Argentina, BRICS, South Africa, Brazil, Russia, India, China, Indonesia, Babel, Eurasia, Saudi Arabia, United States

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 21 (Reuters) - The development bank founded by the so-called BRICS countries is planning to issue its first Indian rupee bond by October, its chief operating officer said on Monday, as the lender comes under pressure to raise and lend more in local currencies. "We're going to tap (the) Indian market - rupees - maybe by October in India," Kazbekov said. "Now we start thinking seriously... to use one member country's currency to finance projects with that currency in another member. Kazbekov declined to give a target size for the Indian rupee bond program, which Reuters had previously reported was in the process of being set up.

Persons: Aly, Vladimir Kazbekov, Kazbekov, Leslie Maasdorp, Rachel Savage, Hugh Lawson Organizations: New Development Bank, REUTERS, Rights, United, Russia, ., Reuters, South, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, South Africa, Brazil, Russia, United Arab Emirates, Johannesburg, India, CNY

☆ BRICS expansion hopefuls seek to rebalance world order
▼ + stars: | 2023-08-21 | by ( Joe Bavier | ) www.reuters.com time to read: +6 min

[1/6] People walk past the Sandton Convention Centre, which will host the upcoming BRICS Summit, in Johannesburg, South Africa August 19, 2023. The wealthy West's domination of international bodies, such as the United Nations, the International Monetary Fund or the World Bank. DEVELOPING WORLD DISCONTENTWhile BRICS has not divulged a full list of expansion candidates, a number of governments have publicly stated their interest. Others want changes at the World Trade Organization, International Monetary Fund and World Bank. Its BRICS trade has indeed increased steadily since it joined, according to an analysis by the country's Industrial Development Corporation.

Persons: James Oatway, Rob Davies, South, bode, Vladimir Putin, Steven Gruzd, BRICS, Ramón Lobo, Gruzd, Lucinda Elliott, Deisy, Yousef Saba, Gustavo Palencia, Lamine Chikhi, Ahmed Eljechtimi, Tomasz Janowski Organizations: Sandton, REUTERS, United Nations, International Monetary Fund, World Bank, BRICS, Observers, South African Institute of International Affairs, U.S ., Reuters, United, Emirates, World Trade Organization, Argentine, New Development Bank, Russia, Industrial Development Corporation, South, Thomson Locations: Johannesburg, South Africa, JOHANNESBURG, Iran, Argentina, Brazil, Russia, India, China, Ukraine, Venezuela, Gulf, Saudi Arabia, Ethiopia, Nigeria, United Nations, United States, Montevideo, Caracas, Dubai, Tegucigalpa, Lamine, Algiers, Rabat

☆ What is BRICS, which countries want to join and why?
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

All the BRICS countries are part of the Group of 20 (G20) of major economies. WHICH NATIONS WANT TO JOIN BRICS AND WHY? It has received backing from Russia and Brazil to join the BRICS. Bolivia's President Luis Arce has expressed interest in BRICS membership and is expected to attend the summit. Algeria said in July it has applied for BRICS membership and to become a shareholder in the New Development Bank, the so-called BRICS Bank.

Persons: Commerce Wang, Competition Ebrahim Patel, Goldman Sachs, Jim O'Neill, Luis Arce, Bhargav Acharya, Olivia Kumwenda, Tomasz Janowski Organizations: Commerce, Africa's, Trade, Industry, Competition, of Trade, Economic, United Nations, World Bank, of, Petroleum, WHO, Democratic, U.S, New Development Bank, BRICS Bank, Thomson Locations: South Africa, China, JOHANNESBURG, Brazil, Russia, India, Johannesburg, United States, United, Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan, Cape Town

☆ Factbox: BRICS summit 2023: What's likely to be discussed?
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +4 min

Putin will participate in the summit virtually and will be represented in Johannesburg by Foreign Minister Sergei Lavrov. BRICS EXPANSIONThe leaders are divided over the expansion of the bloc by adding new members, including the admission criteria. BRICS BANKThe group is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank (NDB), or so-called BRICS bank. While the NDB, which was established in 2015, is still looking at the potential use of alternative currencies, there will be no talk about a common BRICS currency during the summit, South Africa's senior BRICS diplomat said. 'FRIENDS OF BRICS'The last day of the summit is expected to focus on talks with leaders from other countries.

Persons: Aly, Cyril Ramaphosa, Xi Jinping, Luiz Inacio Lula da Silva, Narendra Modi, Vladimir Putin, Putin, Sergei Lavrov, Enoch Godongwana, BRICS, Naledi Pandor, Emmanuel Macron, Macron, Pandor, Anait Miridzhanian, Olivia Kumwenda, Tim Cocks, Nick Macfie Organizations: New Development Bank, REUTERS, Rights, Indian, International, Africa's Finance, Federal Reserve, United Arab, South African Foreign, Ukraine, Continental Free Trade Area, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Ukraine, Saudi Arabia, Iran, United Arab Emirates, Argentina, Indonesia, Egypt, Ethiopia, BRICS, United States, South, Bangladesh, Uruguay, Algeria, Honduras, Zimbabwe, Africa, Latin America, Asia, Caribbean, France, Russian

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsJOHANNESBURG, Aug 15 (Reuters) - The development bank founded by the so-called BRICS countries closed the auction for its first South African rand bonds on Tuesday, as it comes under pressure to boost its local currency fundraising and lending. The South African bond market has struggled in recent years to attract new issuers to match growing demand from domestic investors looking for quality credit assets. The most recent comparable South African government bonds were a 4.5-year bond priced at Jibar +90 bps and a seven year priced at Jibar +120 bps, said Raphi Rootshtain, a portfolio manager at Sasfin Wealth. The bond sale was arranged by Standard Bank, which declined to comment, and Absa Bank.

Persons: Aly, Leslie Maasdorp, Raphi Rootshtain, Rootshtain, Kumeshen Naidoo, Rachel Savage, Josie Kao Organizations: New Development Bank, REUTERS, Rights, Reuters, Sasfin, State Owned Companies, Standard Bank, Absa Bank, Thomson Locations: Shanghai, China, Rights JOHANNESBURG, Brazil, Russia, India, South Africa, Johannesburg, Absa

A view of logo of New Development Bank (NDB) at its headquarters in Shanghai, China July 10, 2023. Finance Minister Enoch Godongwana said boosting local currency usage among the NDB's members will also be on the agenda, with the aim of de-risking the impact of foreign exchange fluctuations rather than de-dollarisation. "Most countries that are members of the NDB have been encouraging (it) to provide loans in local currencies," Godongwana said. Reuters Graphics Reuters GraphicsSo far, China is by far the NDB's most successful local currency market. GROWING MEMBERSHIPNevertheless, the NDB, established with $10 billion in paid-in share capital from each BRICS country, wants to expand.

Persons: Aly, Enoch Godongwana, Godongwana, Leslie Maasdorp, Maasdorp, Alexander Ekbom, Chris Humphrey, Humphrey, Rachel Savage, Brenda Goh, Tannur Anders, Vincent Flasseur, Karin Strohecker, Joe Bavier, Alexander Smith Organizations: New Development Bank, REUTERS, Reuters, Finance, Federal Reserve, Reuters Graphics Reuters, U.S ., United Arab, Asian Infrastructure Investment Bank, Reuters Graphics, Overseas Development Institute, Thomson Locations: Shanghai, China, Africa, JOHANNESBURG, SHANGHAI, Russia, South Africa, Brazil, India, Johannesburg, Ukraine, United States, Mumbai, Brasilia, Bangladesh, United Arab Emirates, Egypt, Uruguay, Algeria, Honduras, Zimbabwe, Saudi Arabia, Asia, London

☆ BRICS bank NDB says not considering new projects in Russia
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, July 26 (Reuters) - The New Development Bank (NDB), the multilateral bank set up by the BRICS states, is not considering new projects in Russia as it operates in line with restrictions imposed in financial and capital markets, its head said on Wednesday. Dilma Rousseff said in a statement posted on messaging platform X, formerly known as Twitter, that any speculations concerning the discussion of new operations of the bank in Russia were "unfounded". BRICS countries, namely Brazil, Russia, India, China and South Africa, are scheduled to gather in the African country next month. The BRICS group of emerging countries launched the Shanghai-headquartered bank in 2015. Rousseff was appointed to head it earlier this year by Brazilian President Luiz Inacio Lula da Silva.

Persons: Dilma Rousseff, Rousseff, Vladimir Putin, Putin, Cyril Ramaphosa, Luiz Inacio Lula da Silva, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, New Development Bank, South, United Arab, Thomson Locations: Russia, Brazil, Africa, St . Petersburg, India, China, South Africa, United Arab Emirates, Bangladesh, Egypt, Shanghai

☆ Algeria applies to join BRICS, would contribute $1.5 billion to group bank
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

TUNIS, July 21 (Reuters) - Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa. "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying. China will invest $36 billion in Algeria across sectors including manufacturing, new technology, the knowledge economy, transport, and agriculture, local media quoted Tebboune as saying this week.

Persons: Abdelmadjid Tebboune, Tebboune, Algeria's, Ennahar, Tarek Amara, Louise Heavens, Alison Williams Organizations: BRICS Bank, United Arab, Democratic, Thomson Locations: TUNIS, Algeria, China, North Africa, Brazil, Russia, India, South Africa, South, Argentina, Iran, Saudi Arabia, United Arab Emirates, Cuba, Democratic Republic of Congo, Comoros, Gabon, Kazakhstan

☆ Algeria applies to join BRICS, would contribute $1.5 bln to group bank
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

TUNIS, July 21 (Reuters) - Algeria has applied to join the BRICS group and submitted a request to become a shareholder member of BRICS Bank with an amount of $1.5 billion, Ennahar TV quoted Algerian President Abdelmadjid Tebboune as saying. It added that Tebboune said at the end of his visit to China that Algeria had sought to join the BRICS to open new economic opportunities. The BRICS group of nations comprises Brazil, Russia, India, China, and South Africa. "We officially applied to join the BRICS group, we sent a letter asking to be shareholder members in the bank ... Algeria's first contribution in the bank will be $1.5 billion," Ennahar quoted Tebboune as saying. More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa's top diplomat in charge of relations with the bloc said this week.

☆ S&P Global's top economist sees dollar dominance diminishing
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - The dollar's grip as the dominant global currency is loosening, credit rating agency S&P Global's top economist said on Tuesday. The dollar "doesn't have quite the pull it used to," Paul Gruenwald, S&P's chief economist, said at a conference hosted by the ratings firm in London. Gruenwald pointed to a number of examples where countries were now circumventing the dollar: "We've got other things happening outside of the dollar world". "The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency," Gruenwald said. Reporting by Libby George; Editing by Marc Jones and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul Gruenwald, We've, Gruenwald, Libby George, Marc Jones, Alexander Smith Organizations: Asia Infrastructure Investment Bank, New Development Bank, Thomson Locations: London, China

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ Saudi is a BRIC in crumbling East-West money wall
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, May 29 (Reuters Breakingviews) - Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments. Even if the NDB might have teamed up with Saudi regardless of sanctions on Russia, any deal will be high on symbolism. It makes sense for petrodollar countries to look East given Asia’s growing oil demand. Bankers also want Middle East companies to come and list in Hong Kong as those from elsewhere stay away and economists believe Middle East funds will step up investments into China as global funds retreat. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Brazil's Lula to meet China's Xi on March 28 in Beijing
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] Brazil's President Luiz Inacio Lula da Silva speaks during the celebrations marking the 43rd anniversary of the founding of the Workers' Party, in Brasilia, Brazil February 13, 2023. REUTERS/Adriano MachadoBRASILIA, Feb 17 (Reuters) - Brazil's new President Luiz Inacio Lula da Silva will meet Chinese leader Xi Jinping on March 28 on Lula's first trip of his current term to his country's largest trading partner, official sources told Reuters. Lula, who visited China twice during his earlier government 2003-2010, will stay in Beijing for four days for talks on trade, investments and the war in Ukraine. I want to talk about it with President Xi Jinping. The growing economic relationship between the two countries became clear in 2004 when Lula first visited China with a large delegation that included 450 Brazilian business representatives.

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