https://en.sputniknews.africa/20231205/what-attracts-developing-countries-to-brics-bank-1063961853.html
What Attracts Developing Countries to BRICS Bank?
What Attracts Developing Countries to BRICS Bank?
Sputnik Africa
Bangladesh and United Arab Emirates in 2021 and Egypt in 2023 became the new members of the BRICS National Development Bank, which now encompasses eight... 05.12.2023, Sputnik Africa
2023-12-05T16:49+0100
2023-12-05T16:49+0100
2023-12-05T16:49+0100
sub-saharan africa
brics
brics expansion
new development bank (ndb)
west
united arab emirates (uae)
egypt
bangladesh
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The BRICS New Development Bank (NDB) is viewed by emerging economies "as a counterweight to Western-backed multilateral institutions," South African development finance consultant Paul Terna Gbahabo told Sputnik Africa, commenting on the inclusion of the new members, Bangladesh, the United Arab Emirates, and Egypt, into the bank.The expert added that "it wouldn’t be a surprise if some countries in the Global North apply to be admitted into the BRICS" in the next couple of years due to the attractiveness of the combined GDP and the huge market size of the BRICS economy.In 2021, Bangladesh, along with the UAE, joined the BRICS NDB. Egypt also became a member of the institution in 2023.BRICS, currently comprising Brazil, Russia, India, China, and South Africa, during the August summit endorsed membership applications of Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia, which will officially join the bloc starting January 1, 2024.
https://en.sputniknews.africa/20231129/brics-could-create-alternative-to-swift-transaction-system-nigerias-ex-minister-of-trade-says-1063841785.html
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brics, brics expansion, new development bank (ndb), west, united arab emirates (uae), egypt, bangladesh
brics, brics expansion, new development bank (ndb), west, united arab emirates (uae), egypt, bangladesh
What Attracts Developing Countries to BRICS Bank?
Bangladesh and United Arab Emirates in 2021 and Egypt in 2023 became the new members of the BRICS National Development Bank, which now encompasses eight shareholders.
The
BRICS New Development Bank (NDB) is viewed by emerging economies "as a counterweight to Western-backed multilateral institutions,"
South African development finance consultant Paul Terna Gbahabo told
Sputnik Africa, commenting on the inclusion of the new members, Bangladesh, the United Arab Emirates, and Egypt, into the bank.
"Expanding international cooperation is always a welcome strategy amongst nations, as there are enormous benefits. But even more so, the Western standards of international cooperation often smirk at hypocrisy. Therefore, some emerging economies view the BRICS as a counterweight to Western-backed multilateral institutions," he said.
The expert added that "it wouldn’t be a surprise if some countries in the Global North apply to be admitted into the BRICS" in the next couple of years due to the attractiveness of the combined GDP and the huge market size of the
BRICS economy.In 2021, Bangladesh, along with the UAE, joined the BRICS NDB. Egypt also became a member of the institution in 2023.
BRICS, currently comprising Brazil, Russia, India, China, and South Africa, during the August summit endorsed membership applications of Argentina, Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia, which will officially join the
bloc starting January 1, 2024.
