Nkosi Zwelivelile Mandela has stated that BRICS is gaining popularity because it provides alternatives to the Western-dominated system.
According to a grandson of the late Nelson Mandela of South Africa, the financial infrastructure that the BRICS are promoting as a rival to Western-dominated institutions has a lot to offer prospective new members.
According to Nkosi Zwelivelile Mandela, “The BRICS bank in particular has been attractive to many countries, which say: this is an alternative to the World Bank and to the IMF, and it doesn’t come with the stringent interest rates.”
The South African politician, a member of parliament since 2009, spoke with RT in Johannesburg prior to the BRICS Summit. He was referring to the New Development Bank (NDB), a global lender with its headquarters in Shanghai that supports infrastructure development in underdeveloped countries.
The NDB is anticipated to expand in the near future, much like BRICS, which now consists of five nations. Four or five countries could join, according to its current leader, former Brazilian President Dilma Rousseff. The BRICS members Brazil, Russia, India, China, and South Africa are the bank’s five founding countries. Recently, the bank has welcomed new members from Bangladesh, the UAE, and Egypt.
Many African countries, according to Mandela, are also enthusiastic about the BRICS currency initiative, which the group sees as a potential tool for facilitating international trade. It would give BRICS nations an alternative to the national currency swaps that have been their main method of displacing the dollar and the euro in international trade up until now.
Many people in developing countries, including those on the African continent, “have been asking: ‘Why must we continue using the dollar when we are trading among ourselves?'” he asked. Zwelivelile Mandela continued by expressing his optimism that the tool would “coming to effect very soon.”
The summit’s opening statements by Russian President Vladimir Putin described the decline of the dollar as a “objective and irreversible” process. Additionally, he reaffirmed Russia’s commitment to supporting the growth of the countries in the Global South. According to Mandela, the vow builds on Moscow’s longstanding support for decolonization and is greatly valued in his native country.
