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BRICS | Uganda to Become a BRICS Partner State Starting on January 1 2025
Uganda is set to officially become a BRICS partner state on January 1 2025, according to Yury Ushakov, an aide to Russian President, Vladimir Putin.
Earlier in 2024, Ugandan President said the country has the option of non-Bretton Woods institutions if it has to borrow loans. This followed a move by the World Bank to suspend funding for projects in Uganda citing human rights violations from the enactment of the anti-homosexuality law.
‘The World Bank and Other Actors Are Our Problem and Really Under-Estimate All Africans,’ Says President of Uganda
The above comment comes in response to the recent move by the World Bank to suspend any future funding for projects in Uganda citing human rights violations… pic.twitter.com/VWzkXjjwL5
— BitKE (@BitcoinKE) August 12, 2023
The BRICS New Development bank (NDB) provides loans based solely on economic need and repayment terms without linking them to political conditions. In contrast, the IMF often includes requirements such as democratic reforms, human rights considerations, and preferential trade agreements with Western countries as part of its lending conditions.
BRICS | Zimbabwe Professor Argues for BRICS New Development Bank Over IMF Due to Its Flexibility and Supportive Terms
The BRICS bank provides loans based solely on economic need and repayment terms without linking them to other demandshttps://t.co/XD0naXxdp5 @BRICSinfo pic.twitter.com/aEJxzSsHLS
— BitKE (@BitcoinKE) October 21, 2024
In August 2023, the BRICS bank issued a maiden South African ZAR bond of 1.5 billion ZAR (equivalent to $79 million) becoming the highest rated issuer since 2015.
BRICS | The BRICS Bank Issues Maiden South African ZAR Bond Becoming the Highest Rated Issuer Since 2015
The New Development Bank, established by the BRICS group of emerging economies, has successfully raised 1.5 billion ZAR (equivalent to $79 million) during its inaugural… pic.twitter.com/wfG2cv88KN
— BitKE (@BitcoinKE) August 19, 2023
The BRICS ‘partner country’ category, introduced during the group’s October 2024 summit hosted in the Russia city of Kazan, offers an alternative to full membership for the more than 30 nations that have applied to join.
Countries with this status can participate permanently in special BRICS summit sessions, ministerial meetings, and other high-level events. Additionally, partners are allowed to contribute to the group’s outcome documents.
“One of the important results of the summit [in Kazan] was the establishment of the category of BRICS partner countries and agreement on a list of 13 states. Appropriate invitations were sent to these states,” Ushakov said at a press briefing.
“Confirmations of readiness to become a BRICS partner state have been received by today from Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan,” he announced.
He noted that four additional countries are expected to confirm their participation soon.
BRICS, originally consisting of Brazil, Russia, India, China, and South Africa, expanded earlier this year [2024] to include:
Egypt
Iran
Ethiopia, and
The United Arab Emirates (UAE)
BRICS | Ethiopia and Egypt Among 6 New Nations Joining BRICS Starting January 2024
Broadening the scope of the coalition is a component of BRICS strategy to establish influence and restructure worldwide governance into a ‘multipolar’ global arrangement that prioritizes the… pic.twitter.com/JpDt44pJjt
— BitKE (@BitcoinKE) August 25, 2023
In recent years, several African nations have shown interest in joining BRICS as they look to expand their partnerships beyond traditional Western allies and diversify their trade and economic relationships.
In December 2024, Nigeria requested South Africa’s support for its bid to join the group of leading and emerging economies, while Zimbabwe and Algeria are also pursuing membership.
According to Ushakov, over two dozen countries, including 8 African, are currently expressing interest in cooperating with BRICS.
These countries include:
Azerbaijan
Bangladesh
Bahrain
Burkina Faso
Venezuela
Honduras
Zimbabwe
Cambodia
Colombia
The Republic of Congo (DRC)
Laos
Kuwait
Morocco
Myanmar
Nicaragua
Pakistan
Palestine
Senegal
Syria
Chad
Sri Lanka
Equatorial Guinea
South Sudan
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Earlier in 2024, Ugandan President said the country has the option of non-Bretton Woods institutions if it has to borrow loans. This followed a move by the World Bank to suspend funding for projects in Uganda citing human rights violations from the enactment of the anti-homosexuality law.
‘The World Bank and Other Actors Are Our Problem and Really Under-Estimate All Africans,’ Says President of Uganda
The above comment comes in response to the recent move by the World Bank to suspend any future funding for projects in Uganda citing human rights violations… pic.twitter.com/VWzkXjjwL5
— BitKE (@BitcoinKE) August 12, 2023
The BRICS New Development bank (NDB) provides loans based solely on economic need and repayment terms without linking them to political conditions. In contrast, the IMF often includes requirements such as democratic reforms, human rights considerations, and preferential trade agreements with Western countries as part of its lending conditions.
BRICS | Zimbabwe Professor Argues for BRICS New Development Bank Over IMF Due to Its Flexibility and Supportive Terms
The BRICS bank provides loans based solely on economic need and repayment terms without linking them to other demandshttps://t.co/XD0naXxdp5 @BRICSinfo pic.twitter.com/aEJxzSsHLS
— BitKE (@BitcoinKE) October 21, 2024
In August 2023, the BRICS bank issued a maiden South African ZAR bond of 1.5 billion ZAR (equivalent to $79 million) becoming the highest rated issuer since 2015.
BRICS | The BRICS Bank Issues Maiden South African ZAR Bond Becoming the Highest Rated Issuer Since 2015
The New Development Bank, established by the BRICS group of emerging economies, has successfully raised 1.5 billion ZAR (equivalent to $79 million) during its inaugural… pic.twitter.com/wfG2cv88KN
— BitKE (@BitcoinKE) August 19, 2023
The BRICS ‘partner country’ category, introduced during the group’s October 2024 summit hosted in the Russia city of Kazan, offers an alternative to full membership for the more than 30 nations that have applied to join.
Countries with this status can participate permanently in special BRICS summit sessions, ministerial meetings, and other high-level events. Additionally, partners are allowed to contribute to the group’s outcome documents.
“One of the important results of the summit [in Kazan] was the establishment of the category of BRICS partner countries and agreement on a list of 13 states. Appropriate invitations were sent to these states,” Ushakov said at a press briefing.
“Confirmations of readiness to become a BRICS partner state have been received by today from Belarus, Bolivia, Indonesia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan,” he announced.
He noted that four additional countries are expected to confirm their participation soon.
BRICS, originally consisting of Brazil, Russia, India, China, and South Africa, expanded earlier this year [2024] to include:
Egypt
Iran
Ethiopia, and
The United Arab Emirates (UAE)
BRICS | Ethiopia and Egypt Among 6 New Nations Joining BRICS Starting January 2024
Broadening the scope of the coalition is a component of BRICS strategy to establish influence and restructure worldwide governance into a ‘multipolar’ global arrangement that prioritizes the… pic.twitter.com/JpDt44pJjt
— BitKE (@BitcoinKE) August 25, 2023
In recent years, several African nations have shown interest in joining BRICS as they look to expand their partnerships beyond traditional Western allies and diversify their trade and economic relationships.
In December 2024, Nigeria requested South Africa’s support for its bid to join the group of leading and emerging economies, while Zimbabwe and Algeria are also pursuing membership.
According to Ushakov, over two dozen countries, including 8 African, are currently expressing interest in cooperating with BRICS.
These countries include:
Azerbaijan
Bangladesh
Bahrain
Burkina Faso
Venezuela
Honduras
Zimbabwe
Cambodia
Colombia
The Republic of Congo (DRC)
Laos
Kuwait
Morocco
Myanmar
Nicaragua
Pakistan
Palestine
Senegal
Syria
Chad
Sri Lanka
Equatorial Guinea
South Sudan
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________________________________________
__________________________________________
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