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.