For the first time, Morocco has hosted an official delegation from the New Development Bank, the financial arm of the BRICS group. The visit took place Monday in Rabat, on the sidelines of a forum focused on sustainable public procurement, bringing together several major international financial institutions.
Established in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank has recently broadened its membership to include countries such as Egypt, the United Arab Emirates, and Bangladesh. So far, the bank has supported 122 projects across its member nations, totaling $39 billion in funding.
Speaking at the forum, Anand Kumar Srivastava, who oversees operations for the NDB, revealed that the bank is considering its first project in Egypt, a new entrant to the institution. Although discussions are still in the early stages, he described the outlook as promising, with the potential to bolster Egypt’s economy and modernize its infrastructure.
While Morocco isn’t a member of the NDB, the bank’s inaugural official appearance in the country has sparked interest. The kingdom maintains close strategic ties with several founding BRICS nations, yet has stayed outside the group, largely due to diplomatic friction—particularly with South Africa over the Western Sahara dispute.
Still, the NDB has signaled that Morocco is welcome to join. Srivastava explained that the path to membership begins with a formal expression of interest to the BRICS group, followed by an approval process and eventual capital contribution. He expressed hope that Morocco might become part of the bank’s growing network as it looks to expand its global footprint.
The timing of the visit is notable, given Morocco’s already crowded financial landscape. Institutions like the World Bank, the European Bank for Reconstruction and Development, and France’s AFD are already deeply involved in development financing within the country. Nonetheless, the arrival of the NDB could offer a fresh source of funding—provided Morocco opts for formal membership.
In 2023, speculation swirled around the possibility that Morocco might be seeking to join the BRICS bloc. That notion was quickly dismissed by the Moroccan Ministry of Foreign Affairs, which emphasized that the country prefers to pursue strategic, bilateral partnerships with individual BRICS countries rather than align itself with the group as a whole.
