African Countries Queue For Brics #shorts

More African countries are looking to forge links with BRICS. The bloc is made up of the world’s biggest emerging economies - Brazil, Russia, India, China and South Africa. But it wants to expand and invited several African nations to its recent foreign ministers meeting in Cape Town. Among them were representatives from Comoros, DRC, Gabon, Burundi and Guinea-Bissau. And there’s also talk of Egypt and Algeria joining its ranks soon. So what’s the attraction? A lot of nations need infrastructure to keep pace with their economic development and BRICS has launched a New Development Bank that can help do just that. Unlike loans from the IMF and World Bank - there don’t appear to be nasty conditions (austerity) attached. It also lends in local currencies to protect borrowing countries from a strengthening US dollar (and potential debt trap). What’s more, the NDB is owned equally by BRICS members and non have veto powers (sounds democratic). Fancy knowing a bit more? Have a listen to South Africa’s foreign minister go through the bloc’s goals and ambitions. Spoiler alert: the words ‘fair’ and ‘sustainable’ get used. Btw, there’s also speculation BRICS will launch it’s own gold-linked currency - but that’s for another day! #Africa #Forge #Countries #BRICS #Economy #Brazil #Russia #India #China #SouthAfrica #CapeTown #Comoros #DRC #Gabon #Burundi #GuineaBissau #Egypt #Algeria #Development IMF #Currency #Dollar