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    World

    Argentina's BRICS New Development Bank Membership is underway

    Argentina's BRICS New Development Bank Membership is underway

    Argentina is on track to become a member of the New Development Bank (NDB) of the BRICS group, a development that could materialize as early as August, Sputnik Global reported. The potential membership was revealed by Bank President Dilma Rousseff during discussions with Argentine Economy Minister Sergio Massa.

    Photo: Mediabank

    Rousseff reportedly informed Minister Massa that the board of directors of the NDB has formally authorized a vote on Argentina's admission to the bank. The proposal, which has been put forward by Brazil, will be deliberated upon at the next board of directors meeting scheduled to take place in the first half of August in South Africa.

    Established in 2014, the NDB is an international financial institution that aims to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging markets and developing countries. Through the provision of loans, guarantees, and other financial instruments, the bank seeks to facilitate the growth and development of member nations.

    BRICS comprises the world's largest developing economies, namely Brazil, Russia, India, China, and South Africa. The economic bloc has garnered significant attention, attracting the interest of several other nations, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia, and Egypt. South Africa, the current BRICS presidency holder, is set to host the 15th BRICS summit in August.

    Argentina's potential admission to the NDB aligns with its commitment to strengthening economic ties and cooperation with BRICS nations. Joining the bank would provide Argentina with access to financial resources and opportunities to engage in infrastructure and sustainable development initiatives.

    In a related development, Ethiopia has also expressed its interest in joining the BRICS bloc. Despite being the second-most populous country in Africa, Ethiopia currently ranks 59th globally in terms of its economy, based on the International Monetary Fund (IMF) data. 

    As Argentina and Ethiopia seek to expand their global economic footprint, their potential inclusion in the BRICS economic bloc highlights the growing influence and relevance of emerging markets in shaping the global financial landscape.

    02.07.2023, 15:05   Comments (0)   1372
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