Maduro Rekindles Brazil Ties at BRICS Bank

Dilma Rousseff met Venezuelan President Nicolás Maduro at the New Development Bank’s office in Shanghai. They met on Sunday, September 10, 2023.

Both called the meeting important. Maduro posted on social media, praising the BRICS bank as a friend to Venezuela.

A handshake and hug marked the start. Then, they talked with bank officials and Venezuelan delegates.

Maduro wants to grow ties with the bank. He’s looking at digital deals and new funding for his country.

Maduro shared a meeting video online. The clip showed both leaders talking before facing the media.

Maduro first visited Brazil in 2015.

He returned in 2023 to meet Luiz Inácio Lula da Silva. He was banned from Brazil during Jair Bolsonaro’s rule.

His China trip lasts six days. He aims to boost two-way relations. The visit coincides with the G20 Summit in India.

Human rights groups have raised issues about Venezuela. The OAS and other bodies have flagged governance concerns in recent reports.

Background

Dilma Rousseff is a former President of Brazil. She now leads the New Development Bank, also known as the BRICS bank.

BRICS stands for Brazil, Russia, India, China, and South Africa. These countries founded the bank to counterbalance Western financial institutions.

Nicolás Maduro is the current President of Venezuela. His rule has been contentious.

Some reports from groups like the OAS cite a lack of press freedom and human rights abuses.

Maduro’s China visit is strategic. China is a key partner for Venezuela, especially for oil exports.

Maduro seeks new ways to bring funds into his country, still recovering from an economic crisis.

The meeting in Shanghai could be a sign of Venezuela’s shifting alliances.

Maduro’s renewed interest in Brazil comes after a political change. His last visit was before Jair Bolsonaro, who wasn’t favorable towards him, left office.

The New Development Bank aims to offer an alternative to other global financial institutions.

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