Johannesburg – The BRICS New Development Bank (NDB) will not announce new members at this week’s summit, its chief financial officer, Leslie Maasdorp, said yesterday.
The bank, which was created in 2015 to give bloc members a larger share of infrastructure financing than they have in Western-led institutions like the World Bank, is eager to attract new members to increase its capital base. after US sanctions on Russia hampered their lending. However, Maasdorp confirmed that the accession will be studied, probably this year, of at least 15 countries, including Argentina, Saudi Arabia and Algeria.
“The ratification process of new countries is taking place in the discussion of the (BRICS) leaders, who are having without us as a bank,” Maasdorp said. “There will be no announcements this week,” he emphasized.