The BRICS bank’s new horizon: expansion and more lending in local currencies

The BRICS bank has set itself a new horizon after its annual meeting, held in Rio de Janeiro: to add new members, “expand financing in local currencies” and increase the volume of sponsored projects. The president of the New Development Bank (NDB), Dilma Rousseff, outlined on Saturday the main lines of the entity, founded in 2014 by the BRICS, on the eve of the summit of leaders of the group that brings together the main economies of the Global South, including Brazil, Russia, India, China and South Africa.

Colombia and Uzbekistan, new partners
The former Brazilian president (2011-2016) expressed at a press conference the bank’s willingness to “accept several new members.” At this last meeting, the board of governors approved two new partners: Colombia and Uzbekistan. In this way, there are already eleven countries that make up this bank that seeks to oppose the World Bank and the International Monetary Fund (IMF): Brazil, Russia, India, China, South Africa, the United Arab Emirates, Bangladesh, Egypt, Algeria, Colombia and Uzbekistan. Rousseff said they are analyzing candidacies from other countries, although she did not name any in particular.

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