Morocco on the Radar of the BRICS Economic Bloc
Anand Kumar Srivastava, the operations manager at the New Development Bank affiliated with the BRICS group, has expressed the bloc’s interest in Morocco joining its membership. This move reflects the group’s desire to expand its geographical reach and enhance its international partnerships.
Srivastava, in a press interview, clarified that Morocco is not currently a member of the bank, noting that the application process begins with an official communication from the concerned country to the BRICS group, followed by the necessary procedures and capital contribution to the bank. This allows for the subsequent benefit from financing programs.
The idea of the BRICS group was initiated in 2006 during a meeting of the foreign ministers of Brazil, Russia, India, and China on the sidelines of the United Nations General Assembly. Over the years, it has evolved into one of the most prominent global economic blocs, driven by strong growth figures achieved by its member countries.
The group later expanded to include South Africa, followed by Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia. Data indicates that the group’s bank has provided financing of up to $39 billion across 122 projects within member countries.
In 2023, Morocco announced its intention not to formally apply for membership in the BRICS group, emphasizing its preference to maintain strategic bilateral partnerships with several member countries rather than engaging in collective membership. These statements come at a time when interest from Global South nations is rising to strengthen their positions within multilateral economic systems amid international economic challenges.
