Palestine has formally applied to join the BRICS New Development Bank (NDB) and hopes to become a full member of the BRICS bloc. This announcement was made by Mahmoud al-Habbash, an advisor to Palestinian President Mahmoud Abbas.
"Palestine enjoys strong relations with all BRICS countries. Russia, China, and South Africa have historically been friendly states to the Palestinian people. We have requested membership in the community and also submitted an application to join the NDB," he said in an interview with Agência de Notícias Brasil-Árabe.
Following the BRICS summit in Kazan in October, member states agreed to collectively transform the NDB into a new type of multilateral development bank for the 21st century. They also supported expanding the bank’s shareholder base and accelerating the review of membership applications from BRICS-aligned countries in line with the bank's broader strategy and policies.
The NDB was established by BRICS under an intergovernmental agreement signed during the bloc’s sixth summit in Fortaleza, Brazil, in July 2014. The bank's mission is to finance infrastructure and sustainable development projects in BRICS member states and other developing countries. With $100 billion in capital, the NDB boasts a long-term international credit rating of "AA+" from S&P Global Ratings, enabling it to attract funding effectively from both international and local capital markets.
GSV "Russia - Islamic World"
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Based on TASS materials