BRICS Bank Just Dropped A Huge Bombshell | Stuns Everyone With This Move
BRICS Bank Just Dropped A Huge Bombshell | Stuns Everyone With This Move
Tech Revolution: 8-19-2023
In a rapidly changing global landscape, where cooperation and collaboration shape the future, a major development is unfolding that could redefine international dynamics.
As the world watches these developments unfold, it becomes evident that the BRICS is not just an institution, it's a symbol of collaboration, innovation, and a new paradigm that transcends traditional power dynamics.
Just recently, Russia made a significant statement confirming the potential improvement of the BRICS group by welcoming new members. As a quick recap, the current members of the BRICS group are Brazil, Russia, India, China, and South Africa.
Russia views this assembly of emerging economies as an increasingly vital and influential counterbalance to the Western-dominated global landscape. Kremlin spokesperson Dmitry Peskov spoke out on the matter, emphasizing, "We firmly believe that the expansion of BRICS, in one way or another, will contribute to the organization's ongoing growth and reinforcement."
Peskov's comments followed remarks by Brazilian President Luiz Inacio Lula da Silva, who stressed the "extreme importance" of Saudi Arabia, Argentina, and the United Arab Emirates considering joining BRICS.
Russia maintains productive relationships with these three countries. However, Peskov emphasized that it's wise not to rush discussions on specific nations before the topic is formally addressed during the upcoming BRICS summit in South Africa, scheduled for August 22-24.
This move to fortify BRICS aligns with Russia's broader strategy of diluting the dominance of the United States and cultivating a fresh "multipolar world." The country is keen on bolstering ties with developing nations that have abstained from criticizing its actions. This approach aims to ramp up trade partnerships to counterbalance the impact of Western sanctions on Russia's economy.
As the BRICS summit approaches, Foreign Minister Sergei Lavrov will represent Russia, as President Vladimir Putin has opted out of attending in person.
Let us get to know who will be the key players in this summit. First, we must know the NDB, or New Development Bank, and how it's shaping up in the BRICS countries. This bank is like a financial safety net, helping these nations steer clear of financial crises.
And Pan Helin from Zhejiang University’s Business School thinks Saudi Arabia would be a fantastic fit for the NDB. Why? Well, because Saudi Arabia's got its finances on lock and doesn't carry too much risk baggage. Adding them to the NDB mix could supercharge the financial firepower of the BRICS and make them even more awesome at handling crises.
Speaking of numbers, NDB bonds are seriously impressive, with a yield of 5.1%. That's a whole 100 basis points ahead of the World Bank. Experts say Saudi Arabia joining the NDB could turbo-boost the nation's economic diversity and growth.
Also, Professor Zhu Jie from Fudan University thinks Saudi Arabia could start the party by applying to join the NDB first, before fully committing to the BRICS gang.
Hold up, the NDB is all about welcoming new pals. And the stars seem to be aligning for Saudi Arabia's entry, according to some pretty trustworthy sources. The NDB is having some serious talks with Saudi Arabia, considering the possibility of making Riyadh its ninth member.
As I’ve said, initially, it was all about the BRICS countries. But now, it's like they're expanding their circle and considering adding Saudi Arabia to their bloc. So, let's talk numbers for a sec.
The BRICS bunch together makes up a quarter of the entire world's GDP. The NDB has already given the thumbs up to more than 90 projects, handing out a massive $32 billion in loans by October 2022.
Experts are nodding their heads at the thought of Saudi Arabia joining the mix. They're saying it could level up the BRICS squad's ability to deal with risks, especially as the whole world seems to be moving away from depending on the dollar.
And guess what? The NDB fam recently grew a bit when the UAE, Uruguay, Bangladesh, and Egypt hopped on board. Marcos Troyjo, the President of the NDB, is pretty pumped about this. It's one of the world's fastest-growing economies, and having them on board is a big deal, especially as they celebrate their 50th independence anniversary this year.
Bangladesh's Finance Minister AHM Mustafa Kamal is totally on board too. He's thanking the NDB for giving the thumbs up so quickly. More Details In The Video