by Riccardo Cacelli
London – Many readers of italynews.it and my personal friends ask me: “Riccardo, you wrote about NDB, BRICS and SCO but we don’t know what this acronym means. Can you explain please?
Now, my dear friends and italynews.it readers, I do.
I start with “Brics”.
BRICS stands for 5 major economies: Brazil, Russia, India, China and South Africa. The first four were initially grouped as “BRICs” in 2001 by Goldman Sachs economist, Jim O’Neill, who coined the term to describe the fast-growing economies that would collectively dominate the global economy by 2050. South Africa was added in 2010.
The BRICS countries have:
– a total area of 39,746,220 km2 (European Union: 4 233 262 km²;
– an estimated total population of around 3.21 billion (European Union: 447 million);
– represent about 26.7% of the world’s land surface
– 41.5% of the world population.
Brazil, Russia, India, and China are among the world’s ten largest countries by population, area, and GDP (means gross domestic product based on purchasing power parity), and the bottom three are widely considered current or emerging superpowers.
SCO is a Eurasian political, economic, international security and defense organization.
It is the world’s largest regional organization in terms of geographic scope and population, covering about 60% of the area of Eurasia, 40% of the world’s population.
Its combined GDP is about 20% of world GDP.
The SCO is the successor to the Shanghai Five, formed in 1996 between the People’s Republic of China, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.
On June 15, 2001, leaders of these nations and Uzbekistan met in Shanghai to announce a new organization.
Member: China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan.
Observer country: Afghanistan, Belarus, Mongolia, Iran. Dialogue Partners Country: Armenia, Azerbaijan, Cambodia, Egypt, Nepal, Qatar, Saudi Arabia, Sri Lanka, Turkey.
Guest participants: Asean, Cs, Turkmenistan, UN.
NDB is a multilateral development bank founded in 2015 by Brazil, Russia, India, China and South Africa (BRICS) with the aim of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries.
The NDB website writes: “The overall strategy for 2022-2026, entitled ‘Scaling Up Development Finance for a Sustainable Future’, has set the stage for the Bank’s evolution into a leading provider of infrastructure and sustainable development solutions for emerging market economies and developing countries. To elevate NDB to a higher standard of operational excellence and development impact, we will continue to strengthen our ability to mobilize resources at scale, fund diverse types of projects, employ sophisticated tools, and build a strong institutional profile.“
I hope that what I wrote can help you understand these 3 acronyms.
They represent the future, or the new world order that is getting closer and closer.
A new multipolar world order.