BRICS Bank Welcomes Egypt, Uruguay, and United Arab Emirates as New Members
Naledi Pandor, the Minister of International Relations and Cooperation, recently announced that the BRICS Bank has officially accepted Egypt, Uruguay, and the United Arab Emirates as its newest members. This significant development follows the completion of the ratification process, allowing these three countries to join the esteemed financial institution.
Minister Pandor expressed her excitement and shared that the BRICS Bank is actively considering the addition of another country as its ninth member in the near future. Currently, there are 19 countries that have communicated their desire to become part of the BRICS bloc, and the countries that have already joined the bank are part of this group.
The expansion of the organization will be a prominent topic on the agenda at the upcoming BRICS summit scheduled to take place in Johannesburg in August. The leaders will deliberate on the further growth and influence of the BRICS organization.
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During a media briefing, Minister Pandor provided more details on the recent developments. She stated that the Foreign Ministers of the BRICS countries received a comprehensive report from the President of the BRICS Bank, Dilma Rousseff, confirming the membership of Egypt, Uruguay, and the United Arab Emirates. Rousseff, who previously served as the president of Brazil, was recently selected to lead the BRICS Bank.
Minister Pandor also highlighted the exceptional financial performance of the BRICS Bank since its establishment. The report, presented by the Vice President of the New Development Bank (BRICS Bank) on behalf of the bank’s president, emphasized the strong commitment of the current eight members. Minister Pandor expressed hope that a ninth member would soon complete the ratification processes and join the bank, further strengthening its capabilities and influence.
The meeting in Cape Town was attended by foreign ministers from various countries, including Cuba, Uruguay, Bangladesh, Indonesia, the United Arab Emirates, Comoros, and Gabon. The presence of these foreign ministers underscores the growing interest in joining the BRICS bloc from a diverse range of nations.
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Minister Pandor emphasized that the world is currently transitioning from a unipolar system to a multipolar one at an accelerating rate. This crucial topic was among the discussions held by foreign ministers from the BRICS countries. They explored the links between BRICS and the G20 in a world that is increasingly becoming multipolar. Minister Pandor questioned the extent to which these formations, which share similar ideals and objectives, should collaborate and align.
Preparation for the upcoming BRICS summit in August was another key purpose of the meeting among the foreign ministers. Expectations are high as all BRICS leaders are anticipated to be present at this significant event, which will provide a platform to further strengthen cooperation and address pressing global challenges.
The acceptance of Egypt, Uruguay, and the United Arab Emirates as new members of the BRICS Bank demonstrates the organization’s expanding influence and the increasing interest from countries worldwide. It is a testament to the significance of the BRICS bloc in shaping the evolving global landscape. As the organization embraces multipolarity and promotes cooperation among its members, the BRICS Bank is poised to play a vital role in fostering economic growth and sustainable development across its member nations.
Where is Brics Bank located?
Shanghai, China is home to the BRICS New Development Bank (NDB), also referred to as the BRICS Bank. At the 2014 Sixth BRICS Summit in Fortaleza, Brazil, the choice was made to locate the bank’s headquarters in Shanghai. The NDB was established to provide funding for sustainable development and infrastructure initiatives in BRICS members and other emerging economies. The bank operates globally and offers financial assistance to member nations and beyond, despite having its headquarters in Shanghai.
When did South Africa join BRICS?
South Africa officially joined BRICS on December 24, 2010. The decision to include South Africa as a full member of the BRICS grouping was made during the third BRICS Summit held in Sanya, China, in April 2011. Prior to its inclusion, the grouping was known as “BRIC,” consisting of Brazil, Russia, India, and China. The addition of South Africa expanded the group to include a representative from the African continent. South Africa’s membership in BRICS is seen as a recognition of its growing economic importance and influence on the global stage. Since joining, South Africa has actively participated in BRICS summits, meetings, and initiatives to strengthen cooperation among member countries.
