BRICS Development Bank Raises $140 Billion; Four-Year Disaster Risk Reduction Plan

Afghan Voice Agency (AVA) - International Service: Dilma Rousseff, President of the BRICS Development Bank, emphasized in her speech at the Joint Ministerial Meeting of the China-Organization of Latin American and Caribbean States (CELAC) Forum that the bank is the first global multilateral financial institution created exclusively by developing countries and its mission is to support projects that contribute to sustainable development in the global South.

 

Ms. Rousseff said that the BRICS Bank has raised $140 billion in capital over its decade of operation.

 

He also added that 24 percent of the bank's financial operations are currently conducted in the national currencies of the member countries and 31 percent of its resources are also provided in these currencies. According to him, this policy was implemented in order to reduce dependence on international currencies such as the dollar and the euro.

 

On the other hand, the BRICS ministerial meeting was held in Brasilia, the capital of Brazil, with a focus on combating the risks of climate change. At the end of the meeting, the member countries approved a joint document in which a four-year program for the years 2025 to 2028 was foreseen in the field of reducing the risk of natural disasters.

 

The document emphasizes strengthening climate resilience, developing sustainable infrastructure and using the knowledge of local communities in crisis management. Jader Filho, Minister of Urban Affairs of Brazil, said that Brazil's participation in the program reflects the country's commitment to public policies in the field of strengthening resilient infrastructure and combating disasters.

 

According to the joint statement of the summit, the BRICS member countries have committed to principles such as integrating social justice into disaster response strategies, adhering to the Sendai International Framework (2015–2030), and promoting initiatives to increase climate resilience.

 

Four major priorities have also been set for this four-year program: addressing social inequality in crisis situations

 

Strengthening early warning systems

 

Developing resilient infrastructure

 

Using local experiences in managing natural disasters. At the end of the summit, it was agreed to change the name of the expert group responsible for this area to the “BRICS Disaster Risk Reduction Group” to more clearly reflect its mission.

 

According to economic experts, the BRICS Development Bank’s action to attract $140 billion in the past ten years indicates the increasing power of financial institutions from the global South. This investment has not only created new financial instruments for infrastructure projects, but has also contributed to the monetary independence of the BRICS members. The approval of a four-year disaster risk reduction plan is also a step in line with the goals of sustainable development and climate change. This type of policy can be a good model for vulnerable countries, especially Afghanistan, to become more resilient to climate threats while developing economically.