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Under Troyjo’s leadership, Banco dos Brics quintupled loans to Brazil

Under the leadership of Marcos Troyjo, nominated for the presidency of the Novo Banco de Desenvolvimento (NDB) in the Jair Bolsonaro government, the institution quintupled the loans approved for Brazil.

From 2016 to 2019, the board of the Banco dos Brics — as the NDB is better known — approved disbursements of US$ 1.021 billion to the country. Over the next three years, the volume of new approvals increased to US$4.934 billion. Troyjo took office in July 2020.

The data collected by the CNN together with the bank, contradict the discourse that Brazil is receiving little funding from the institution. Behind the scenes, this has been one of the main criticisms of Troyjo’s management.

The acceleration of financing in recent years has made the country jump to third place among the five members of the Brics that have the most approved loans.

The ranking is headed by China (24%) and India (24%). Brazil comes next (19% of the total volume). South Africa (18%) and Russia (15%) lag behind.

Loans to Brazil include sewage projects in Manaus (AM), solar energy in Brasília (DF), social infrastructure in Aracaju (SE) and Aparecida de Goiânia (GO), mobility in Sorocaba (SP) and Curitiba ( PR).

He will leave the presidency of the bank until March 24th. It is the same day that President Luiz Inácio Lula da Silva should leave for an official visit to China.

The NDB’s headquarters are in Shanghai. On the trip, former president Dilma Rousseff will likely be announced as Troyjo’s replacement, with a mandate until July 2025.

In an interview with CNN, in February, Lula spoke about his intention to nominate Dilma for the command of Banco dos Brics. “If it’s up to me, she’ll be [presidente do NDB]”, he told anchor Daniela Lima.

“Dilma is an extraordinary figure. If I had not been president and, yes, Dilma’s political minister, what happened would not have happened. I think there was a lack of conversation, of patience, but she is an extraordinary woman, worthy of much respect, and the PT adores her”, stated Lula.

“She is very technically competent. If she is president of the Brics, it will be a wonderful thing for the Brics and for Brazil.”

Troyjo led the bank’s expansion process and the entry of four new partners: United Arab Emirates, Egypt, Bangladesh and Uruguay.

Also under Troyjo, who was close to former minister Paulo Guedes, the NDB maintained its high rating by risk rating agencies.

The institution was classified by S&P, for the sixth consecutive year, with an AA+ rating for long-term operations — a rating higher than that of the four largest banks in the United States.

Another common criticism, among Lula’s assistants, is that Troyjo has been away from the NDB headquarters for months. However, Shanghai and Chinese cities were at permanent risk of “lockdown”, because of the zero covid policy adopted by the country’s government until the turn of the year.

Foreigners arriving in China had to undergo a 14-day quarantine in hotels or public centers, plus another full week at home.

The bank has adopted an internal remote work policy for all its employees. The work could be carried out from the countries of origin of each employee. None of the top NDB members remained in Shanghai.

Source: CNN Brasil

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