The BRICS group of countries, consisting of Brazil, Russia, India, China and South Africa, has attracted interest from 19 additional nations seeking membership. Simultaneously, the BRICS group is placing significant emphasis on the establishment of the New Development Bank. Moreover, the BRICS countries have long sought to establish a new financial system for managing interbank transfers as an alternative to the Swift system, which currently connects international banks. In short, the BRICS countries are actively pursuing the creation of an auxiliary international economic system by providing alternatives to what they perceive as instruments of Western financial hegemony. This objective aligns with the aspirations of various Middle Eastern and North African countries seeking to join the BRICS group, driven by a confluence of reasons.

Source: The North Africa Journal June 02, 2023 15:42 UTC