BRICS summit 2023

The five BRICS emerging world economies – Brazil, Russia, India, China and South Africa – aim to develop trade and economic cooperation that can challenge the developed world’s dominance

Brazil President Lula da Silva
Russia Foreign Minister Sergey Lavrov
India Prime Minister Narendra Modi
China President Xi Jinping
South Africa President Cyril Ramaphosa

Aug 22-24, 2023: BRICS 15th summit held in Johannesburg, South Africa

Agenda: Enlargement – 23 countries, including Indonesia, Saudi Arabia and Iran, want to join

New Development Bank: To discuss how NDB – set up in 2015 – can boost fundraising in local currencies to counter U.S. dollar’s dominance

2016-23: Of over $33 billion in loans approved by NDB, two-thirds were in U.S. dollars

New Development Bank loans (US$ millions)
 
Approved
Disbursed

2016 2017 2018 2019 2020 2021 2022
Disbursed
 
1,554
24 1,851
601 4,697
915 7,192
5,383 10,277
5,060 7,623
1,000 2,391



Loans approved 2016-22 $33,022m
            
2021: Bangladesh, Egypt and UAE join bank

Sources: Financial Times, New Development Bank, Reuters Pictures: Getty Images © GRAPHIC NEWS