BRICS Must Invest in Brazilian Cities, Says NDB Chairman

During a meeting with President Temer, the Chairman of the New Development Bank suggested joint action with other development institutions of South American countries as a solution to help foster local economies

The Chairman of the New Development Bank, Kundapur Vaman Kamath said this Wednesday (26) that the financial institution is interested in financing urban development projects in Brazilian municipalities and in infrastructure concessions. Founded in 2014, the institution is also known as the Brics Bank and by the acronym NDB.

Kamath attended a meeting with President Michel Temer at the Presidential Palace. “We are looking at various options in Brazil, and one specific area is working with municipalities,” said the chairman. He said he also attended meetings with the head of the General Secretariat of the Presidency, Moreira Franco, who is responsible for the Grow Project and the Investment Partnership Programme (PIP).

According to Kamath, the bank is interested in participating in the new wave of long-term investments in Brazil, which will be headed by infrastructure auctions and public works concessions. “We also discussed the concessions programme being implemented [by the Brazilian government], to see how we could participate [in these projects].”

The NDB chairman added that the institution has been seeking to develop partnerships with other regional development banks, such as the Development Bank of Latin America (CAF) and the Financial Fund for the Development of the River Plate Basin (Fonplata), to identify opportunities for action in South America.

Source:

http://www.brazilgovnews.gov.br/news/2017/04/brics-must-invest-in-brazilian-cities-says-ndb-chairman
http://www.tbpetroleum.com.br/news/brics-must-invest-in-brazilian-cities-says-ndb-chairman/