SAR Ambassador to China: even more countries to declare their desire to join BRICS in 2024
On the side-lines of the BRICS summit to be held in October in Russian Kazan, even more states may declare their desire to join the bloc – as stated by Siyabonga Cwele, the Ambassador of the Republic of South Africa to China, TASS reports
In an interview for the Chinese portal Guancha, the diplomat noted that, in his opinion, this is due to the countries of the Global South seeing benefits for themselves in becoming members of the block. They are attracted by the prospects of participating in the infrastructure projects of the New BRICS Development Bank (NDB), the possibility of access to its reserves in case of crises as, for example, the outbreak of COVID-19. At the same time, as noted by Mr. Cwele, the NDB provides loans without presenting ‘numerous and burdensome conditions’, as Western financial institutions do.
The SAR Ambassador pointed out that Russia is making great efforts to reform the global financial system on a more equitable basis. “We [South Africa] support it in this," he stated.
