BRICS Bank shows interest in Morocco's membership, seeks expansion

The New Development Bank (NDB) of the BRICS coalition is expressing a keen interest in welcoming Morocco as a new member. This information was disclosed by the bank's Chief Operating Officer, Anand Kumar Srivastava, during a recent conference in Rabat focused on government procurement aligned with environmental standards. Notably, this event marks the NDB's first official engagement in Morocco, despite the North African nation currently not being a member of the organization.

In an interview with Asharq Business, Srivastava highlighted that Morocco's journey towards membership would begin with a formal expression of interest to the BRICS group, followed by a capital contribution to secure full membership status. He stated, "We hope that Morocco will become a member as well, because we are in the process of expanding."

The NDB, established in 2015 by the founding BRICS nations—Brazil, Russia, India, China, and South Africa—has successfully financed $39 billion across 122 projects in member countries. The recent addition of Egypt, the United Arab Emirates, and Bangladesh further illustrates the bank's expanding influence.

Morocco is among several countries eyeing potential cooperation with BRICS, a sentiment echoed by Russian Presidential Aide Yury Ushakov, who noted that over 20 nations are currently engaging in dialogue with the group. However, the Moroccan Foreign Ministry has previously denied rumors regarding a formal application for membership, emphasizing the nation's strong bilateral relations with BRICS members.

Despite Morocco's strategic partnerships with three BRICS countries, its path to membership is complicated by South Africa's staunch opposition. Pretoria's support for the Polisario militia—a group advocating for Western Sahara's independence—poses a significant hurdle, as Morocco considers this a threat to its territorial integrity.

South African officials have articulated concerns that including Morocco in BRICS could dilute their influence within the coalition. This apprehension was reiterated following Morocco's decision to decline an invitation to the BRICS/Africa meeting in Johannesburg, citing fears that the event would be used to further South Africa's undisclosed agenda.

In contrast, other BRICS members appear more receptive to Morocco’s involvement. The nation was recently invited to the BRICS Forum 2024 in Xiamen, China, where Minister of Industry and Commerce Ryad Mezzour represented Morocco, signaling a potential shift in dynamics.

As the BRICS bloc continues to evolve, Morocco's aspirations for membership and collaboration may well reshape the landscape of international relations within this influential coalition.