BRICS Bank Expands as De-Dollarization Heats Up
Brazil’s President Luiz Inacio Lula da Silva, center front, during the opening session of the First Sherpa Meeting in preparation for the July BRICS meeting in Brazil, at Itamaraty Palace, in Brasilia, Brazil, Wednesday, Feb. 26, 2025.
NDB President Dilma Rousseff earlier announced plans to transform the organization into “an important bank” for developing countries and emerging markets.The BRICS New Development Bank (NDB) just added Algeria as its newest member, fueling the bloc’s push for a multipolar financial world.NDB President Dilma Rousseff hailed the move, sterssing that Algeria will help boost the bank’s global influence.The NDB was established by Brazil, Russia, India, China and South Africa in 2014.The bank aims to mobilize resources for infrastructure and sustainable development projects in BRICS through the provision of loans, guarantees, and other financial instruments.WorldBrazil Makes BRICS New Development Bank G20 Partner – Russian FM Ambassador14 November 2024, 04:57 GMT
