BRICS Bank welcomes new members and calls for 'sustainable globalization'
Discussions were further explored at the BRICS Summit, held in Rio de Janeiro. Brazil remains in the rotating presidency of the bloc until December 31, 2025.
247 - The second day of the 10th Annual Meeting of the New Development Bank (NDB), held in Rio de Janeiro on July 5th, was marked by the entry of new countries into the institution and by speeches in defense of a more equitable global economic order. According to Agência Gov, Dilma Rousseff, president of the NDB, and Fernando Haddad, Brazil's Minister of Finance, advocated for "sustainable globalization" and a more representative International Monetary Fund (IMF).
The event, which celebrated the tenth anniversary of the founding of the bank known as the "BRICS Bank," approved the inclusion of Colombia and Uzbekistan as members. With this, the NDB now has 11 member countries: Brazil, Russia, India, China, South Africa, Bangladesh, United Arab Emirates, Egypt, Algeria, and the two newly integrated countries. This expansion reflects the growing interconnectedness of emerging economies, although not all members of the bank are officially part of BRICS.
Dilma Rousseff emphasized that expanding the membership base is one of the institution's strategic priorities. Another central focus is providing financing in local currencies and stimulating infrastructure projects. According to Dilma, the NDB aims to allocate 30% of its operations between 2022 and 2026 in the currencies of its member countries. For her, these actions consolidate the bank's identity as a development instrument "made by the Global South for the Global South".
In a speech addressed to finance ministers and central bank governors of the BRICS countries, Fernando Haddad revealed that a document called "Rio de Janeiro Vision for the IMF" is being drafted, articulated among countries of the Global South with the aim of pressing for reform at the International Monetary Fund. The idea is to build a joint position that reflects the desire of these nations for a greater voice in multilateral councils and institutions.
The document originates from discussions initiated during the previous year's G20 Summit, under Brazilian presidency, when a consensus text was approved calling for changes in global governance. The proposals include expanding the UN Security Council with more representatives from Asia, Africa, Latin America, and the Caribbean, as well as creating a 25th seat at the IMF focused on Sub-Saharan Africa.
Haddad also defended the need for a new form of globalization that encompasses social, economic, and environmental dimensions, promoting the equitable development of humanity. He called this process "sustainable globalization" and presented a set of proposals:
- Facilitating trade and investment between BRICS countries
- Strengthen coordination around the reform of the international financial and monetary system.
- Encourage internal dialogue on wealth taxation, public-private partnerships, and customs regimes.
- Create the “Tropical Forest Forever Facility,” a climate finance model that rewards countries that protect tropical forests, to be presented at COP30 in partnership with the Brazilian presidency.
The NDB discussions were further explored at the BRICS Summit, held on July 6 and 7, also in Rio de Janeiro. Brazil remains in the rotating presidency of the bloc until December 31, 2025, leading the debates on global governance, sustainability, and greater protagonism of the Global South in international organizations.
