Argentina closer to becoming a member of BRICS and their Development Bank
Monday, June 5th 2023 - 06:22 UTC
According to the Argentine delegation sources, Rousseff gave Massa the news at the meeting they held at NDB headquarters in Shanghai .
The board of the BRICS-led New Development Bank (NDB) will hold a vote for the incorporation of Argentina in August, the entity’s president Dilma Rousseff told Argentina's Economy Minister Sergio Massa currently in China with a numerous delegation in search of money for an almost depleted Central Bank
The NDB is a multilateral development bank established by the BRICS states —Brazil, Russia, India, China, and South Africa— to “support public or private projects through loans, guarantees, equity participation, and other financial instruments.”
An Argentine delegation is currently taking part in a week-long trip to China and strengthening the country’s monetary reserves with the BRICS bank was one of the goals, a spokesperson for the Argentine Economy Ministry was quoted.
Argentina is in serious need of financial assistance due to a reserve scarcity crisis mainly caused by a historic drought that will slash between US$ 18.5 and US$ 20 billion in agricultural exports this year, according to different calculations.
More:
https://en.mercopress.com/2023/06/05/argentina-closer-to-becoming-a-member-of-brics-and-their-development-bank