MercoPress. South Atlantic News Agency

Rousseff offers Uruguay NDB financing opportunities

“Uruguay is used to working with other historical entities, and this is very new,” Orsi said after meeting with Rousseff

Former Brazilian President Dilma Rousseff, who now chairs the BRICS' New Development Bank (NDB) said Friday after meeting with Uruguay's President-elect Yamandú Orsi at the latter's transition headquarters that the South American country was “best positioned” to access financing at lower rates for digital, social infrastructure, and education developments.

“Uruguay is perfectly positioned to be given credit,” Rousseff pointed out while insisting on the NDB's peculiarities such as “the lowest [interest] rates in the world,” due to which she suggested Uruguay's joining. Unlike the International Monetary Fund (IMF), the NDB would never set any “macroeconomic conditions,” she argued.

Rousseff also admitted Orsi was very much interested in the proposal. “It is very important to conclude Uruguay's accession to the BRICS NDB,” she insisted while noting that the process “is almost concluded,” after it “has already been approved by the board of governors” although the nod from “different institutional bodies” such as Congress were still pending.

“For us, it is important that Uruguay participates in the bank,” she added. “The expansion of new members is something strategic, not only countries in Central Asia, South Asia, the Middle East, but more countries in Latin America,” she also explained.

Also present at the meeting were future Presidential Secretary Alejandro Sánchez, who is also Orsi's advisor on international affairs, as well as other cabinet members of the Government to be sworn in on March 1.

Meanwhile, Orsi pointed out that the NDB was “a bank that offers, like all banks, its support to the countries of the South, fundamentally in the face of a world that does not wait for you” at a time when “Latin America needs the support of all these entities.” He also underscored that Uruguay would not be accessing a loan, but “a line of work” that “will be seen” so “everything must be explored” and “nothing must be wasted.”

Orsi also said talks with other credit agencies such as the Inter-American Development Bank (IDB) were on his agenda. “Today's world is complex and opportunities for resources, financing, and support should not be overlooked,” he highlighted. “Uruguay is used to working with other historical entities, and this is very new,” he added. He also made it clear that Uruguay would not be seeking to join the BRICS bloc.