New Development Bank Opens Doors for Morocco’s Membership in BRICS
The New Development Bank, the financial arm of the BRICS group, has welcomed Morocco to apply for membership. Anand Kumar Srivastava, the bank’s Chief Operations Officer, affirmed that the Kingdom is “welcome,” even though it is not yet a member.
This announcement came during a conference held in Rabat focused on green public procurement. Srivastava clarified that the membership application process begins with a formal request, followed by a contribution to the bank’s capital, which would then allow Morocco to benefit from financing mechanisms and developmental support.
He expressed optimism, stating: “We hope Morocco will join the bank; we are in the process of expanding our membership.”
Established in 2015 by the founding countries of BRICS—Brazil, Russia, India, China, and South Africa—the New Development Bank recently expanded its membership to include Egypt, the United Arab Emirates, and Bangladesh last year.
Morocco’s potential membership could represent a strategic step, providing new financing tools and alternative partnerships, especially in light of pressures related to environmental transition and economic growth.
