Lula says Saudi Arabia needs to strengthen the BRICS Bank

President Luiz Inácio Lula da Silva took advantage of a business event in Riyadh to ask the Saudi Arabian government to make financial contributions to the New Development Bank, the so-called Brics Bank.

“I told the crown prince that Saudi Arabia’s entry into the Brics takes into account that Saudi Arabia needs help to strengthen the Brics Bank so that we can change the face of multilateral banks.”

The president once again indirectly criticized large international financial institutions such as the International Monetary Fund (IMF) and the World Bank.

According to him, banks like the NDB will “help finance the development of the poorest countries without charging excruciating interest rates, which kill any possibility of investment in the poorest countries”.

Lula has been defending changes in global institutions and strongly criticizes the actions of international banks, going so far as to say that they are more concerned with their own profits than with the development interests of the poorest countries.

Source: CNN Brasil

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