New Development Bank President Dilma Rousseff said the bank has set a 30% target for funding in the local currency of borrowing members.
CAPE TOWN - As the New Development Bank enters its tenth year, its president, Dilma Rousseff, said the BRICS bank will be promoting the use of local currencies to aid sustainable development in emerging and developing economies.The bank’s governors are meeting in Cape Town to take stock of the bank’s performance, along with new partners the United Arab Emirates, Bangladesh, and Egypt who are in attendance for the first time.
Given the heavy indebtedness of many developing countries, there’s a mismatch between debt in strong currency and the income generated by development projects.
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