New BRICS Bank branch to open up shop in Brazil. The underwhelming launch of 5G networks. And Brazil’s new coronavirus milestone.
Brazil HQ of BRICS Bank gets go-ahead
The Senate approved the creation of a Brazilian branch of the Shanghai-based New Development Bank — NDB, commonly known as the BRICS Bank — in São Paulo. The new office will serve as the bank’s headquarters in the Americas. The bank will also have a representation bureau in capital city Brasília.
Context. Created in 2014 during the 6th BRICS Summit, the NDB project aims at diminishing the infrastructure gap in emerging markets — a deficit estimated at between USD 1 to 1.5 trillion per year, according to the Brazilian Institute of Applied Economic Research (Ipea).
- Since its inception, the NDB has lent USD 621 billion to Brazilian projects — around 10 percent of the bank’s loan portfolio. Brazilian authorities believe that is too small of a share for a country of Brazil’s size and that a local office will increase the visibility of local projects vis à vis Shanghai.
- With the São Paulo HQ, Brazil takes on a bigger role in the bank, after picking its newly-inaugurated chair in Marcos Troyjo, a...