"It should be made clear to the Bretton Woods Institutions that it is impossible to stick to the old-fashioned financing practices in the 21st century against the background of geopolitical and climate changes," Lula da Silva said on the sidelines of the 10th session of the Board of Governors of the New Development Bank (NDB) in Rio de Janeiro.
The NDB has been playing a crucial role in creation of new forms of investment, including for the benefit of the world's least developed countries, Lula da Silva said. It proves that a reformed financial architecture is viable and that a new development model is possible.
The NDB was established by BRICS nations and was politically agreed upon at the Durban summit in South Africa in 2013. The bank’s funding agreement was signed in Fortaleza, Brazil, in 2014, and it began operating in July 2015. The bank's primary mission is to fund infrastructure and sustainable development projects in BRICS countries and other developing nations.
The 17th BRICS summit will take place in Rio de Janeiro from July 6-7. Russian President Vladimir Putin will participate in the BRICS summit's plenary session via a video link, while Foreign Minister Sergey Lavrov will attend the summit in Brazil in person.