The 2025 BRICS summit in Rio de Janeiro (July 6-7) is focusing on global governance reforms and cooperation among Global South countries, with ongoing discussions about expanding BRICS influence and financial cooperation.
Speaking after attending a meeting of the BRICS Bank, NASPERS CEO, Phuthi Dabengwa said the BRICS Business Council realise the importance of dealing with critical issues that affect the global south.
The BRICS Bank, officially known as the New Development Bank (NDB) was established and has been operational since 2015. It was created by the original five BRICS countries (Brazil, Russia, India, China, and South Africa) to finance infrastructure and sustainable development projects in emerging economies.
Dilma Rousseff, former President of Brazil, was elected as NDB president, with her mandate extended to July 2025.
The NDB has expanded its membership beyond the original five BRICS countries. As of 2025, it includes new members such as Bangladesh, the United Arab Emirates, Uruguay, Egypt, Algeria (officially joined in 2024), and Colombia (joined in 2025).
The bank has approved over 120 projects totaling around USD 40 billion, focusing on areas like clean energy, transport infrastructure, water supply, social infrastructure, and digital infrastructure.
The NDB is actively launching new initiatives, such as a guarantee fund to lower financing risks and boost investment in member countries, which was announced in mid-2025.
The broader BRICS group itself has expanded significantly in 2024-2025, growing from the original five members to eleven, including Indonesia (joined 2025), Egypt, Ethiopia, Iran, United Arab Emirates, and others.
