THE INFLUENCE OF BRICS+ FINANCIAL INSTITUTIONS ON THE RISE OF THE BLOC

Abstract

This paper focuses on the actions and impacts of the financial institutions of BRICS+ (an international cooperation alliance between Brazil, Russia, India, China, South Africa, Egypt, Ethiopia,
Indonesia, Iran, and the United Arab Emirates), namely the New Development Bank and the Contingent Reserve Arrangement. These institutions are highlighted as crucial to the growth of influence and hard power of the member countries within the international arena. The study presents the trajectory of the bloc’s
creation and institutional establishment, as well as how these institutions act, react, and influence
contemporary global analysis.