{"id":237086,"date":"2023-06-12T12:00:16","date_gmt":"2023-06-12T11:00:16","guid":{"rendered":"https:\/\/www.transcend.org\/tms\/?p=237086"},"modified":"2023-06-09T05:59:37","modified_gmt":"2023-06-09T04:59:37","slug":"brics-new-development-bank-de-dollarizing-adding-members","status":"publish","type":"post","link":"https:\/\/www.transcend.org\/tms\/2023\/06\/brics-new-development-bank-de-dollarizing-adding-members\/","title":{"rendered":"BRICS New Development Bank De-Dollarizing, Adding Members"},"content":{"rendered":"

The BRICS bloc\u2019s New Development Bank, an alternative to the US-dominated World Bank, is de-dollarizing its loans, promoting local currencies, and adding new members: Argentina, Saudi Arabia, and Zimbabwe.<\/em><\/p><\/blockquote>\n

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The board of directors of the New Development Bank meeting in April 2023<\/p><\/div>\n

7 Jun 2023 – <\/em>The BRICS bloc of Brazil, Russia, India, China, and South Africa is expanding<\/a>, and building a new economic architecture to challenge the dominance of the US dollar.<\/p>\n

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One of the most important institutions created by the BRICS is the New Development Bank (NDB). This is a Global South-oriented alternative to the World Bank, which is located in and essentially controlled by the United States.<\/p>\n

In March 2023, the NDB inaugurated its new chief: Dilma Rousseff, the former president of Brazil, from the South American nation\u2019s leftist Workers\u2019 Party.<\/p>\n

Rousseff has stressed that the NDB\u2019s goals are financing \u201cinfrastructure investments\u201d and \u201chelping our members combat poverty, create jobs<\/a>, and promote environmentally sustainable development\u201d.<\/p>\n

She has also welcomed several more countries to join the bank.<\/p>\n

Current NDB members include the five BRICS nations as well as Bangladesh, the United Arab Emirates, and Egypt. Uruguay is already in the process of joining.<\/p>\n

Rousseff revealed on June 1 that four more countries have been approved as new members: Argentina, Saudi Arabia, and Zimbabwe.<\/p>\n

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Flags of the members of the BRICS bloc\u2019s New Development Bank (NDB)<\/strong><\/p>\n<\/div>\n

Rousseff said NDB leadership okayed these countries\u2019 membership request, and the decision will officially be announced in August, at the summit of BRICS heads of state, which will tentatively be held in South Africa.<\/p>\n

The new NDB president disclosed this news while Argentina\u2019s economic minister, Sergio Massa, was visiting the bank\u2019s headquarters in Shanghai, China.<\/p>\n

Brazil\u2019s President Lula da Silva, who helped found the BRICS during his first two terms in the 2000s, returned to office in January 2023.<\/p>\n

Lula has played a key role in advocating for Argentina to join BRICS. In a summit of South American leaders in Brazil in May, Lula also endorsed Venezuela joining the bloc<\/a>.<\/p>\n

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On May 31, we concluded the 8th #NDBAnnualMeeting<\/a> in Shanghai on the theme "Shaping a New Era of Global Development."<\/p>\n

We thank the Board of Governors for their guidance and insights towards building an inclusive, resilient and sustainable future for EMDCs. pic.twitter.com\/wbaazny6ac<\/a><\/p>\n

— New Development Bank (@NDB_int) June 1, 2023<\/a><\/p><\/blockquote>\n