The Shanghai-headquartered bank, established by Brazil, Russia, India, China and South Africa (BRICS) in 2015, aims to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies, the
article reminds.
Dilma Rousseff, a well-known Brazilian politician and economist assumed office last week as the president of the multilateral institution. The former president of Brazil is expected to build upon the achievements of her predecessors and write a new chapter of South-South cooperation and global sustainable development, China Daily adds.
Rousseff told Xinhua that investing in infrastructure development, addressing social inequality, curbing climate change and meeting sustainable development goals will be the priorities during her term of office, while emphasizing the importance of local currency for financing.
