The New Development Bank (NDB) is financing several projects helping developing countries build their infrastructure without depending on the West. They have approved over $39 billion in loans, funding 120 infrastructural projects. Around 20 projects are ongoing and have received loans worth $4.8 billion.

The NDB, commonly called the BRICS bank, has been disbursing loans in local currencies to emerging economies. The independent financial entity aims to increase its share of loans by 2030, pushing local currencies ahead. They are cutting down on the US dollar while mostly approving loans in the Chinese yuan, Indian rupee, and Russian ruble.

Also Read: BRICS De-Dollarization Escalates Just as US Money Printing Returns

BRICS Bank Can End US Financial Dominance, Says Dilma Rousseff

Dilma Rousseff, the head of the New Development Bank, said that BRICS loans are non-conditional and are disbursed without an agenda. She hinted that funds flowing from the US and other Western countries come with conditions and control. They maintain a hegemony and want Western superiority to remain intact.

However, she stressed that’s not the case with the BRICS New Development Bank, as it prioritizes development over geopolitics. She revealed that the loans disbursed from the entity are non-conditional, and this could end the US hegemony someday.

To keep things in context, financial help without conditions builds trust over the years. This could work immensely in favor of BRICS as the bank asks little in return, which includes lower interest rates. It also helps in clearing the loans in local currencies and sustains the economies of developing countries.

It is a fair transaction where infrastructural development is seen as the only major goal. Tariffs, sanctions, and trade wars play no role here, as that comes only when the US steps in. Therefore, Rousseff’s comments that BRICS banks’ loans are non-conditional will hold weight in the developing world. Trust from the West could soon move to the East.