President Luiz Inácio Lula da Silva met, this Monday (4), with the president of the Asian Infrastructure Investment Bank (AIIB), Jin Liqun. According to the Chinese executive, the institution has no capital restrictions and is ready to provide a large amount of resources “to boost the economic and social development” of Brazil.

“As long as we have good projects, we will provide financing. We want large-scale projects”, said Liqun, in a statement to the press after the meeting. He cited large infrastructure projects, especially connecting with the west of the continent, to reach the Pacific Ocean, and projects to adapt to climate change.

The executive’s speech is in line with President Lula’s speech about promoting greater integration in South America and alternative routes for trade. Last week, on a trip to Guyana, Lula presented the South American Integration Routes plan to neighboring governments.

In a post on social media, the Brazilian president highlighted the meeting with Jin Liqun. “Brazil is part of this important bank that invests in development projects outside Asia. We talked about the New PAC [Programa de Aceleração do Crescimento] and the possibility of expanding AIIB’s investments and contributions to economic, social and sustainable development in our country”, wrote Lula.

Jin Liqun reported that the bank has already developed three projects in Brazil, worth US$350 million, which he considers “very little.” “We promise to do more to improve connectivity with Asia, which could be a great partner for Brazil in the coming decades”, said the Chinese, adding that he also wants to work with state governments and the private sector on smaller projects. “For large projects with impact, we must work with the federal government”, he added.

According to the president of the AIIB, at today’s meeting, no specific projects were discussed, only intentions for long-term cooperation were presented, also in close partnership with the Novo Banco de Desenvolvimento (NDB, its acronym in English), known as the Bank of Brics – block of 11 developing countries, such as Brazil, South Africa, Argentina, India and the United Arab Emirates.

The president of the BRICS bank, Dilma Rousseff, and the Minister of Finance, Fernando Haddad, participated in the meeting.

“[A reunião foi] a wonderful opportunity to better understand the government’s economic development agenda, and we promise to undertake broadly defined projects such as infrastructure, roads, railways, airports, seaports, renewable energy, transmission and everything that is important to the country. Our job is to listen and understand what you want this bank to do for you,” said Jin Liqun.


Before the meeting with the Chinese executive, Lula spoke with the director general of the International Monetary Fund (IMF), Kristalina Georgieva, about “development with social inclusion and the resumption of poverty reduction in the world”.

“We also talk about the necessary reform of the IMF, so that we have an International Monetary Fund that is more representative of today’s world and capable of helping countries that need to resort to the IMF in better conditions,” wrote Lula, also on social media.

“Thank you, President Lula, for welcoming me in Brasília today, right after a very successful start to the Presidency of the G20 in Brazil. I admire your passion for a prosperous, sustainable and fair world”, replied Kristalina Georgieva. Until November, Brazil is the president of the G20 – a group of the 19 richest countries in the world, plus the European Union and the African Union.

Lula has defended the reform of global governance and financing institutions and says that the external debt of poorer nations, some of which are “unpayable”, such as those of African countries, needs to be equalized. “Will these institutions be used to finance the development of poor countries or will they continue to exist to suffocate poor countries?”, he asked, in a recent statement suggesting the conversion of development liabilities into development assets.


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