Under Russia’s presidency 2024, BRICS (Brazil, Russia, India, China and South Africa) has been building momentum for accelerating the association’s enlargement, steadily weakening Western influence in Global South, and continuing to maximize financial capabilities of the New Development Bank. Notably this year under Russia, BRICS has been reinforcing its economic and investment links, particularly in Asian and Africa regions, while at the same time, advocating vehemently for de-dollarization across the world.
Largely dissatisfied with the unipolar system and the world dominated by the United States, China and Russia are leading BRICS association to gradually dismantle the perceived invincibility of Western imperialism, tectonic promise of embarking on necessary reforms focusing on economic governance within the context of South-South cooperation. The scope of emerging tasks for newly expanded BRICS is potentially high for the New Development Bank which was established in 2015. Its founding capital stands at $100 billion.
In the Global South, BRICS has the possibility to raise its influence particularly in the economic sphere rather than mere greater and louder pledges. The New Development Bank has the same level of global scope to consolidate and increase its lending weight in the Global South. Compared to other multinational financial institutions, New Development Bank has the power to set off its own pace of supporting countries in the “partner group” who are put together by BRICS and their regional partners. The New Development Bank is therefore in reliable position to portray its reliability and predictability in raising the economic profile of members and those in the “partner group” as, essentially perhaps, those who oppose the status quo. This position has positive implications among them is the the rise of fairer possibilities for widening investment, a fairer interest-free conditions for obtaining investment loans from the BRICS Bank, and interactive multipolar order for the Global........