In this week’s BRICS news round-up, we delve into the most recent developments within Brazil, Russia, India, China, and South Africa. These include the New Development Bank’s pursuit of $1.25 billion, the stance of BRICS Member States on dollar investments, the strengthening of BRICS cooperation between Egypt and Russia, South Africa’s hosting of a BRICS Tourism Ministers Meeting, and an exploration of China and India’s initiatives in African education and research.
New Development Bank seeks $1.25 billion for infrastructure, renewable energy
In a move to foster its lending capacity and expand its member base, the New Development Bank (NDB), headquartered in Shanghai and founded by BRICS nations, is inviting commitments from potential lenders in Asia and the Middle East. The bank is aiming to secure its first syndicated loan of $1.25 billion through a three-year dollar-denominated loan, according to sources who wished to remain anonymous.
BRICS members say they are not dumping dollars
BRICS Member States are not actively dumping billions of dollars worth of US treasuries as a means of weakening the strong US dollar before the end of the year as part of the de-dollarisation initiatives.
Egypt, Russia strengthen cooperation within BRICS framework
Deputy Minister of Foreign Affairs of Russia Sergey Ryabkov and Deputy Ministers of Foreign Affairs of Egypt R. Etreby, H. Fahmy and I. Badawi held a meeting in Cairo. The main topic of discussion was cooperation within the BRICS framework, due to the upcoming accession of Egypt to the association. Both sides expressed their readiness to deepen cooperation in this format. This was reported by the Russian Ministry of Foreign Affairs.
Minister Patricia de Lille hosts BRICS Tourism Ministers Meeting in Cape Town
Following the successful hosting of the BRICS Summit in South Africa earlier this year, today, I was delighted to host Tourism Ministers and a high level delegation from the BRICS nations for the BRICS Tourism Ministers meeting in Cape Town.
Beyond BRICS: The shaping of new development narratives
Efforts by both China and India to deepen cooperation with Africa in the higher education and research space are evident in several recent high-profile initiatives which reveal more about the geopolitical goals and engagement style of the countries.
