The development bank set up by the Brics nations plans to begin lending in the South African and Brazilian currencies as part of a plan to reduce reliance on the dollar and promote a more multipolar international financial system, according to its president.

Dilma Rousseff, the former Brazilian leader who heads the New Development Bank, also said the Shanghai-based lender was considering applications for membership from about 15 countries and was likely to approve the admission of four or five. She declined to name the countries but said it was a priority for the NDB to diversify its geographic representation.  

“We expect to lend between $8-$10bn this year,” Rousseff told the Financial Times in an interview. “Our aim is to reach about 30 per cent of everything we lend?.?.?. in local currency.”