NDB signs green lending agreements with BNDES

Finance ministers and central bank governors were asked to consider local currencies and payment instruments and report back by the next summit. No common currency was launched.

The five members reached consensus on criteria and procedures for expansion and recorded invitations to six states to become members from January 2024. Invitation and entry are different milestones.

Leaders tasked foreign ministers with designing a partner category and prospective list for future outreach beyond full membership.

South Africa’s president publicly named Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE as invitees for membership from January 2024. Their eventual status required separate verification.

Invited leaders from Africa and the wider Global South joined a dialogue on development and more representative global governance. Attendance did not itself confer BRICS membership.

The bank signed a US$2 billion facility, including an optional increase, diversifying how it raises capital for development lending.

Egypt joined the leaders’ grouping following the Johannesburg invitation. This is separate from its earlier entry into the New Development Bank.

Ethiopia joined as the group expanded its representation in Africa beyond South Africa and Egypt.

Iran joined the group following the Johannesburg invitation, broadening participation from West Asia.

The UAE joined BRICS following its 2023 invitation. It had separately become an NDB member in 2021.