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Brazilian president hails potential of New Development Bank

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Brazilian President Luiz Inacio Lula da Silva said on Thursday that the creation of the New Development Bank shows developing nations can together create major social and economic changes, even freeing themselves from the traditional banking system. Lula made the comments during an inauguration ceremony of former Brazilian President Dilma Rousseff as president of the bank. The New Development Bank was founded in 2015 by the BRICS group of nations—Brazil, Russia, India, China and South Africa—to fund infrastructure and sustainable development projects in emerging market economies and developing countries. It has since admitted four new countries—Bangladesh, Egypt, United Arab Emirates and Uruguay.

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