BRICS' New Development Bank should be alternative to banks: Cuba

By Al Mayadeen English
Source: Agencies
24 Aug 2023 19:24
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Cuba's President underlined that BRICS should be an alternative to the prevalent international institutions after its newest members were just announced.

Flags are seen at the opening ceremony of the New Development Bank Eighth Annual Meeting in Shanghai, China on May 30, 2023. (AFP)

At the BRICS summit in South Africa on Thursday, Cuban President Miguel Diaz-Canel expressed that the bloc's New Development Bank (NDB) should serve as the alternative to modern financial institutions that aim "to obtain resources from the countries of the South".

"The New Development Bank created by BRICS can and should become an alternative to modern financial institutions that have been using outdated recipes for about a century to obtain resources from the countries of the South," he said.

On Monday, the host nation announced that it secured a substantial injection of funds totaling $5.27 billion from the NDB established by BRICS member countries.

This financial infusion is designated for pivotal projects in road construction, water supply, and energy infrastructure.

Diaz-Canel's comments come on the last day of the summit held in Johannesburg by the leaders of China, India, Brazil, and South Africa - and after its newest members were just announced.

South African President Cyril Ramaphosa announced earlier that the BRICS leadership has decided to invite Argentina, Egypt, Iran, Ethiopia, the UAE, and Saudi Arabia to join the organization.

"We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates to become full members of BRICS. The membership will take effect from January 1, 2024," Ramaphosa said.

Iranian President Ebrahim Raisi said at a meeting with Chinese President Xi Jinping on the sidelines of the BRICS summit that the "BRICS expansion shows that unilateralism is on the decline".