Venezuela eyes stronger economic ties with BRICS Bank

Venezuela eyes stronger economic ties with the BRICS New Development Bank. Vice President Delcy Rodríguez met with the bank’s head, Dilma Rousseff, in China.

The meeting was part of an official visit aimed at boosting bilateral relations. The Presidential Press Office shared the news on social media.

State media reported that the two sides talked about the bank’s global economic role. They also discussed interest from different countries in joining the bank.

Rodríguez had company from Rafael Tellechea, Oil Minister, and other officials during the visit.

She arrived in Shanghai on September 5 to strengthen ties between the two countries. Venezuela took part in the 15th BRICS Summit in Johannesburg.

The event took place from August 22 to 24. During a virtual session, President Nicolás Maduro spoke about the need for global de-dollarization.

He believes this will help overcome barriers set by sanctions.

Maduro also wants Venezuela to join the BRICS group. He plans to deepen ties with Latin America and the Caribbean.

In addition, he invited BRICS nations to invest and produce food in Venezuela.

BRICS is a group of emerging economies

BRICS is a group of emerging economies that includes Brazil, Russia, India, China, and South Africa. It was established in 2009 to promote economic collaboration.

Over the years, BRICS countries have gained increasing sway in global matters.

The New Development Bank was set up in 2015 to fund projects in member nations.

Venezuela, rich in oil reserves, faces economic challenges partly due to global sanctions. Its leaders see BRICS as a way to mitigate these issues.

Venezuela has previously sought support from China and Russia, two BRICS members, especially in the oil sector.

This new effort to connect with the BRICS Bank suggests a broader strategy.

Latin America has had limited engagement with BRICS so far. Maduro’s interest in joining the group signals a potential shift.

He aims to attract investment not just for Venezuela but for the wider Latin American region.

This meeting could be the first step in a long-term alliance that diversifies Venezuela’s economic partnerships.