Alexander Savenkov The Honduran government has submitted a formal application to join the New Development Bank, commonly known as the BRICS bank, during a visit by President Xiomara Castro to Shanghai. Honduras now joins Argentina as a country that has expressed interest in becoming a member of this financial institution.
Honduras Seeks Entry into BRICS Bank
The New Development Bank, also known as the BRICS bank, has received an official application from the Honduran government, expressing their desire to be a part of this global financial institution.
President Xiomara Castro personally delivered the request during her state visit, which was extended by an invitation from Chinese President Xi Jinping to foster economic, cultural, and political collaborations.
During her visit to Shanghai, President Castro met with the President of the BRICS bank, Dilma Rousseff. The institution reaffirmed its dedication to promoting sustainable development and international cooperation.
Rousseff, addressing the gathering during Castro’s reception, emphasized that the BRICS bank welcomes additional members in its development initiatives and regarded Castro’s visit as highly significant.
Castro explained that Honduras seeks alternative financial models to address the shortcomings of traditional systems, which have often led to increased poverty and suffering. She stated:
“We believe there are opportunities to explore mechanisms that can drive our economic development and establish lasting partnerships that improve the quality of life for our people.”
As part of the visit, Honduras inaugurated its first embassy in China.
Expansion of the New Development Bank
Although established in 2014, the New Development Bank has gained prominence recently due to the growing influence of the BRICS bloc and its vision for a decentralized global financial order. In addition to the BRICS countries—Brazil, Russia, India, China, and South Africa—the bank already includes Bangladesh, Egypt, and the UAE as participating members.
Argentina is also awaiting approval in the coming months. President Rousseff assured the Argentine Economy Minister, Sergio Massa, that Brazil would support Argentina’s admission, with a vote scheduled for August.
Furthermore, recent reports suggest that the bank is in discussions to include Saudi Arabia as a member, aiming to reduce its reliance on Russia, which currently holds a 19% stake in the institution.
We invite you to share your thoughts on Honduras’ application to join the BRICS bank and the bank’s expansion in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about BRICS bank membership
What is the BRICS bank?
The BRICS bank, officially known as the New Development Bank, is a global financial institution established in 2014 by Brazil, Russia, India, China, and South Africa. It aims to promote sustainable development and international cooperation through funding infrastructure and development projects.
Why did Honduras apply to join the BRICS bank?
Honduras applied to join the BRICS bank to explore alternative finance models that can improve the quality of life for its people. The country seeks to diversify its financial partnerships and find mechanisms for economic development outside traditional models.
Which other countries have requested entry into the BRICS bank?
Argentina is another country that has expressed interest in joining the BRICS bank. The entrance of Argentina is expected to be supported by Brazil, with a voting scheduled for August. Additionally, there are reports of ongoing discussions to include Saudi Arabia as a member to reduce the bank’s dependence on Russia.
How does the BRICS bank plan to expand its membership?
The BRICS bank has expressed its openness to accepting more members in its development plans. It has already welcomed three countries—Bangladesh, Egypt, and the UAE—outside the BRICS bloc. The bank aims to diversify its membership to foster greater global cooperation and reduce reliance on specific stakeholders.
What is the significance of Honduras’ application to the BRICS bank?
Honduras’ application signifies its interest in seeking new avenues for economic development and partnerships beyond traditional financial systems. It highlights the growing influence and relevance of the BRICS bank as a platform for sustainable development and international collaboration.
How will the BRICS bank benefit its member countries?
The BRICS bank provides financial support for infrastructure and development projects in member countries. By accessing funding and expertise through the bank, member nations can enhance their economic growth, promote sustainable development, and strengthen international cooperation with other participating countries.
More about BRICS bank membership
- New Development Bank (NDB) – Official Website
- BRICS Bank: A New Multilateral Development Bank
- Honduras Applies to Join New Development Bank (BRICS Bank)
- BRICS Bank Expansion Gains Momentum
- Argentina Seeks to Join BRICS Bank
- Saudi Arabia in Talks to Join BRICS Bank
- BRICS Bank Membership Criteria
- BRICS: Cooperation for Global Growth
- Honduras Opens Embassy in China
6 comments
Great news! The BRICS bank’s vision for sustainable development & int’l cooperation is so imp. Love that Honduras wants to explore alternatives to tradish finance models. More countries should join!
honduras in brics bank? wat a surprize! i think its gud they wanna try diffrnt finance models. hope it helps their ppl.
BRICS bank is growing fast! From 5 members to potentially welcoming Honduras, Argentina, and even Saudi Arabia. The more diverse, the better! Looking forward to the positive impact on global development.
What are the benefits of BRICS bank membership for member countries? Anyone got the deets? Seems like a great initiative, but I wanna know more about the perks and how it helps countries like Honduras.
Wow, BRICS bank is really expanding! It’s cool to see Honduras and Argentina showing interest. Hope this leads to better opportunities for their economies and peeps!
Honduras opening embassy in China and now joining BRICS bank! Exciting times! Can’t wait to see how this partnership unfolds and benefits the people of Honduras. Go, go, Honduras!