Today: Monday, 4 March 2024 year

Honduras has applied to join the BRICS New Development Bank.

Honduras has applied to join the BRICS New Development Bank.

The President of Honduras, Siomara Castro, has submitted a formal request for the country’s entry into the BRICS New Development Bank, the country’s government reports on Twitter.

“President Siomara Castro met in Shanghai with the head of the BRICS New Development Bank, Dilma Rousseff, who has officially received Honduras’ application to join the organization,” the tweet said.

It is noted that in the coming days a government technical commission will be created to begin the entry process.

The political decision to create a New Development Bank within the framework of the BRICS was taken in 2013 at a summit in Durban, South Africa. In 2014, at the next summit in the Brazilian city of Fortaleza, an agreement was signed on the bank. The official start of its work was given at the inaugural meeting of the Board of Governors of the bank on July 7, 2015 in Moscow. The main objective of the institute is to finance infrastructure and sustainable development projects in the BRICS member countries and in developing countries.

BRICS unites Brazil, Russia, India, China and South Africa. A number of other countries intend to join the economic bloc, including Argentina, Iran, and, according to the Chinese Foreign Ministry, Indonesia, Turkey, Saudi Arabia, and Egypt. South Africa took over the BRICS chairmanship from China earlier this year. It will last until the end of 2023, and then it will be transferred to the next country.