A pivotal player in Brazil's energy sector on Sunday expressed the hope that the BRICS New Development Bank (NDB) will be more ambitious in planning its investment around infrastructure.
In an interview with the China Global Television Network (CGTN) in Beijing, Sergio Rial, chairman of the Board of Directors at Vibra Energia in Brazil, praised the NDB as a bold initiative and emphasized the crucial role it plays in infrastructure development.
"I think development banks in a world of technology, in a world that is changing so much, what is going to be their role? I think in the case of the BRICS, of the bank here in Shanghai, infrastructure. I mean infrastructure is the key cornerstone towards development. China has proven that for anyone who has seen it and other countries as well. But no one is a better example than China. So I would expect the BRICS bank to be more ambitious in their plans around infrastructure investments," said Rial.
BRICS is the acronym for an emerging-market cooperative mechanism that includes Brazil, Russia, India, China, and South Africa.
Established in 2015 by BRICS countries and headquartered in Shanghai, the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies as well as developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
Pivotal player in Brazil's energy sector hopes greater infrastructure support from BRICS bank
