The Architecture of the New Order: Dilma Rousseff Details How the NDB and BRICS Are Building Multipolarity in Practice

The ongoing transition in global governance is not merely diplomatic rhetoric: it already has consolidated institutional structures, robust balance sheets and long-term infrastructure projects underway. This is the essence of the analysis presented by the president of the New Development Bank (NDB), Dilma Rousseff, in an exclusive interview with TV 247.

In detailing the trajectory and outlook of the so-called BRICS Bank, Dilma outlined the map of a profound geopolitical transformation, in which the Global South ceases to be a mere passive spectator of decisions made in the North and consolidates itself as an architect of a new financial and multilateral architecture.

“Multipolarity is multilateral, multicultural and multidiverse. It is very difficult to sustain humanity’s current stage of development with unilateral and hegemonic models, in which a single centre imposes its rules, its culture and its worldview”, stated the former president.

A counterpoint to the Bretton Woods model

Dilma recalled that the creation of the NDB — formalised in 2014 during the historic Fortaleza Summit under her presidency — emerged as a concrete response to the historical asymmetries of the Bretton Woods institutions, such as the International Monetary Fund (IMF) and the World Bank.

According to the NDB’s president, the central difference lies in the non-negotiable preservation of national sovereignty:

- Demand-driven model: The NDB does not impose austerity prescriptions, deregulation or requirements to privatise public assets as prerequisites for approving loans.

- Respect for local projects: The bank’s operations are shaped by the priorities defined by the sovereign governments of member countries themselves.

- Patient financing: Loans are structured with extended terms of 10, 20 and 30 years and highly competitive costs, which are essential for large-scale projects that private capital and traditional banks are reluctant to fund.

“Our mission is not to tell a country what it should do, because those on the outside rarely understand the complexity of the local reality. Our role is to support the development project that the nation itself has designed”, she stressed.

Local currencies: neutralising the trap of the hegemonic dollar

One of the interview’s most theoretical and incisive moments addressed the role of the dollar in international finance. Dilma dispelled simplistic interpretations of immediate “de-dollarisation”, stressing that the NDB operates at a practical level to mitigate the distortions caused by exclusive dependence on a single reserve currency.

Dilma explained that the hegemonic currency regime produces two perverse effects: on the one hand, it forces the United States into chronic current-account deficits and deindustrialisation; on the other, it imposes on emerging countries the burden of fluctuations in US monetary policy, which make debts more expensive and destabilise sovereign balance sheets (currency mismatch).

The NDB’s strategic response, therefore, is the institutionalisation of loans in local currencies:

- Matching revenues and debts: When a country or company borrows in its own currency (or in the currencies of its trading partners), debt servicing tracks its actual revenue, neutralising external shocks.

- Alternative fundraising: The NDB has established itself as the largest private issuer of Chinese-currency bonds outside the mainland market (Panda Bonds), combining operations in renminbi, euros and dollars to reduce costs and spread risks.

“A multilateral financial system based on local currencies is inherently safer, more balanced and more stable for the international economy”, she summarised.

From 5 to 20 members: the bank’s exponential expansion

After an initial phase focused on the five founding members (Brazil, Russia, India, China and South Africa), the NDB substantially accelerated its pace of expansion under Dilma’s presidency.

With the recent accession of the United Arab Emirates, Egypt, Bangladesh, Algeria and Uzbekistan, as well as the advanced processing of the applications of Ethiopia, Angola and Zimbabwe, the institution is preparing for another leap in scale:

- 2027 target: The bank projects that it will reach around 20 member countries by mid-2027.

- Diversification and strength: Expanding the shareholder base increases the NDB’s capacity to raise funds and lend on the international market, bringing together economies with different profiles and strengthening mutual liquidity.

- Geographical representation: The NDB already maintains regional offices in South Africa, India, Russia and Brazil (with offices in Brasília and São Paulo serving South America), decentralising services from its headquarters in Shanghai.

The 2027–2031 cycle: science, technology and cultural sovereignty

Looking ahead, Dilma outlined the pillars of the NDB’s strategic plan for the 2027–2031 period. Without abandoning its focus on sanitation, logistics and the green transition, the bank will place technology transfer and innovation at the centre of all its areas of operation.

Among the new guidelines approved by member countries are financing for industrial parks, high-precision agriculture, artificial intelligence applied to public health (such as the Smart Hospital project in Brazil), and the launch of the BRICS–NDB Innovation Portal, a platform intended to share scientific advances and social solutions generated by the group’s countries — such as Embrapa’s experience in tropical agriculture and deep-water exploration in Brazil.

Finally, Dilma stressed that multipolarity cannot survive without respect for the identity and soft power of each people:

“Development does not exist without culture and without a national soul. Cooperation among Global South countries must be based on the recognition that no civilisation is superior to another. Our strength lies in diversity. When we assert our sovereignty and refuse to be subservient, we pave the way for peace and for development that truly reaches the majority”, she concluded.

Brasil 247