The NBD has the potential to reshape the world of development finance

 The New Development Bank has the potential to change the world of development finance, says Professor Karin Costa Vazquez, in an article on the Financial Express.

Prof. Vazquez is the Assistant Dean for Global Engagement, Executive Director, Center for African, Latin American and Caribbean Studies at School of International Affairs, O.P Jindal Global University.

The NDB has been in operation for less than four years, however, it has thus far received an AA+ rating international credit rating and built a portfolio of 35 projects worth USD 9.2 billion – nearly half the World Bank’s lending in 2018, reports the Financial Express.

READ MORE: S&P rates Brics New Development Bank AA+

The Professor outlined the key features that set the NBD part; the bank is committed to close the infrastructure gap in developing and emerging countries, it is focused on sustainable development and the bank’s equity in power-sharing.

 

By: Kgothatso Nkanyane

Brazil announces plans to drop WTO sugar case against China

“Brazil and China have reached an understanding regarding the consultations made at the World Trade Organisation (WTO) on sugar,” Brazil’s Foreign Affairs and Agriculture ministries said in a statement, on Tuesday.

READ MORE:Brazil’s Vice President’s Visit To China

Brazil opened a case last year, questioning China’s anti-dumping tariffs on sugar. The Brazilian government sought the panel at the WTO investigate China’s sugar trade policies. The policy reduced Brazil’s sugar sales to the Asian nation – China used to be one of its top clients.

READ MORE: NDB President And Vice-President Of Brazil Meet

Brazil said without elaborating that, “there will be no need for the implementation of a panel at the WTO”.

 

Source: Reuters

NDB President And Vice-President Of Brazil Meet In Shanghai, Discuss Bank’s Strategy And Operations In Brazil

( Xangai – China, 20/05/2019) Vice-Presidente da República, Hamilton Mourão, durante Encontro com o Presidente e a nova diretoria do Novo Banco de Desenvolvimento (NDB) Foto: Adnilton Farias / VPR

Strengthening the New Development Bank’s strategy and its operations in Brazil was the main focus of discussion between Mr. K.V. Kamath, the NDB President and Gen. Hamilton Mourão, the Vice-President of Brazil during their meeting on 20 May 2019. The meeting was held at the Bank’s office in Shanghai, during the official visit of the Vice-President to the People’s Republic of China.

“The NDB is a 21st century bank, designed to provide the necessary financial support to emerging economies. We welcome the upcoming inauguration of the NDB Americas Regional Office, based in São Paulo, with a branch in Brasília. Such Office will allow the NDB to become more familiar with the Brazilian business culture and regulatory environment, thus contributing to our efforts to foster investment in infrastructure and sustainable development,” said Gen. Hamilton Mourão.

Mr. K.V. Kamath briefed Gen. Hamilton Mourão on the progress of the NDB, including the growth of the Bank’s portfolio of approved projects.

“It’s a privilege to host Gen. Hamilton Mourão in NDB’s Headquarters. The NDB is fully committed to supporting Brazil’s agenda of infrastructure investments as formulated by the Brazilian Government with a greater participation of the private sector, in line with the Bank’s mandate of mobilizing resources for infrastructure and sustainable development. We are looking forward to opening the Bank’s Americas Regional Office later this year, which will play an important role in project identification and preparation,” said Mr. K.V. Kamath

 

RELEASED BY: NEW DEVELOPMENT BANK (NDB) 

Mayor Ying meets Brazil vice president

Shanghai Mayor Ying Yong met Brazilian Vice President Antonio Hamilton Martins Mourao and his delegation in Shanghai yesterday.

READ MORE: Brazil’s Vice President’s Visit To China

Enterprises from Brazil and Shanghai should deepen cooperation and expand investment to achieve a win-win situation, Ying said, while welcoming more enterprises from Brazil to participate in the 2nd China International Import Expo to be held in Shanghai later this year.

Brazil hopes to join hands with China to push forward cooperation and exchanges, as well as share management experience to realize common development with Shanghai as the city has achieved significant progress in social and economic spheres, Mourao said.

Mourao is on a formal visit to China to attend the 5th meeting of the Sino-Brazil High-level Coordination and Cooperation Committee.

Shanghai Vice Mayor Wu Qing and Gilberto Fonseca Guimaraes de Moura, consul general of Brazil in Shanghai, also attended the meeting.

 

RELEASED BY: shine.cn

Brazil’s Vice President’s Visit To China

Hamilton Mourao Photographer: Sergio Lima/Bloomberg

Hamilton Mourao, Brazil’s Vice President is in China, in an attempt to strengthen relations. Mourao arrived in China on Sunday and will be concluding his visit on 24 May.

Chinese President Xi Jinping and CPPCC Chairman Wang Yang are holding high-level political and economic talks with the Brazilian leader. General Mourao has been attending cultural and economic events in China.

Brazil hopes to further strengthen its relationship with China. Brazilian President Jair Bolsonaro is scheduled to visit China later this year.

READ MORE:Brazil’s vice President to visit China next Month

Chinese president Xi will travel to Brazil in November for the BRICS summit.

READ MORE:Brazil confirms date for the 11th BRICS Summit

 

By: Kgothatso Nkanyane

Brazil’s President to speak at a foreign affairs event in Texas

Brazilian President, Jair Bolsonaro will on 16 May be speaking at a foreign affairs event in Texas, United States – the organizers confirmed, last week Wednesday.

The right-wing leader will address business and civic leaders at an event hosted by the World Affairs Council of America. The World Affairs Council of America is a non-profit international affairs group with more than 90 affiliates around the United States.

This has been viewed by the organizers as an opportunity for members to hear from people who hold positions of significance around the world. They further said that they are looking forward to having the President of the biggest country in the Southern Hemisphere and the fifth largest country in the world speak at the event.

READ MORE: Bolsonaro Administration – economists react with optimism

 

By: Kgothatso Nkanyane

Additional Reporting: Reuters

Cape Town Theatre School to partake in the BRICS Drama Festival in Moscow

Image source: Waterfront Theatre School

Waterfront Theatre School, a Cape Town, South Africa based school will be participating in the BRICS Drama Festival in Moscow. Students from the esteemed theatre school have been once again invited to The University of Theatre Arts in Russia – with the support of the Presidential Grant Fund, Ministry of Foreign Affairs of the Russian Federation and the Moscow Culture Department.

Members of Brazil, Russia, India, China, and South Africa association during the 10th annual summit of the grouping agreed to more collaboration in arts and culture.

READ MORE:The 10th BRICS Summit outcomes

The 3rd BRICS drama school festival will be held from the 27 May to 6 June 2019. “The project has also received support from the Western Cape Department of Arts and Culture, Proud Partners, the South African National Dance Trust (SANDT) and The M Lahann Trust”, as reported by broadwayworld.com.

This year’s topic is “Greek Theatre and the chosen text is Oedipus Rex”. As per broadwayworld.com, the Waterfront Theatre School will be focusing on choral scenes in Oedipus Rex. Their performance will be concentrated on the traditional African practices of worship, prophecy, protest, celebration and mourning to the ancient text. The focus will be specifically Xhosa tradition.

Brazil will this year host the 11th BRICS Summit. 

READ MORE: Brazil confirms date for the 11th BRICS Summit

 

Source: broadwayworld.com

Brazil to move the hosting of F1 Grand Prix from São Paulo to Rio

The Brazilian leg of the F1 Grand Prix next year will be moved from its traditional home in  São Paulo to Rio de Janeiro. The move comes as the race track Autódromo José Carlos Pace in  São Paulo will be rebuilt taking six to seven months to complete costing.

This departure from São Paulo to Rio ends a thirty-year streak of that race track has held dating back to 1981. The announcement of the change was made by Brazil President Jair Bolsonaro at a military ceremony in the city.

The cost of organizing the F1 event has created huge debts requiring Rio to take on the challenges until the race track is completed. President Bolsonaro also announced a new race track to be built at the Deodoro military based west of the city.

 

Source: www.sport24.co.za

Brazil’s former President hands himself to the police

Brazil’s former President Michel Temer has turned himself to the police over corruption charges. This is the second time that Temer will be jailed over allegations that he partook in extensive corruption schemes.

The Brazil former President was arrested in March and over charges of embezzlement and money laundering, he was placed in “Preventative detention” in Brazil’s Capital, Rio de Janeiro.

Temer, 78, turned himself in on Thursday – “on Wednesday, a federal judge ordered the former president to return to jail while he’s investigated in several cases of alleged corruption related to the Car Wash investigation, a far-reaching probe that has roiled Latin America’s largest nation”, reports Aljazeera.

Michel Miguel Elias Temer Lulia is a Brazilian lawyer and politician who served as the 37th President of Brazil from 31 August 2016 to 31 December 2018.

 

READ MORE: 100 days of Bolsonaro’s Presidency – wins, struggles & blunders

 

By: Kgothatso Nkanyane

 

France makes plea for India, Brazil, Germany and Japan to be included as permanent members of UNSC

France has made a plea for India, Brazil, Germany and Japan to be included as permanent members of the United Nations Security Council (UNSC). According to France his is “absolutely needed” as only a reformed and enlarged UN Security Council will better reflect contemporary realities. The inclusion of these countries is among France’s “strategic” priorities.

 François Delattre, Permanent Representative of France to the United Nations in New York and head of France’s UN mission said that “Germany, Japan, India, Brazil and a fair representation of Africa in particular are absolutely needed at the table to get towards a fairer representation of the Security Council. This is for us a matter of priority.”

 

 

Source: domain-b.com