Honduran President Xiomara Castro said Saturday that Honduras formally requested to be admitted to the New Development Bank (NDB) of the BRICS group of major emerging economies.

During the official six-day visit to China by the bank’s president, former Brazilian President Dilma Rousseff, Castro met with her to discuss joining.

Established by BRICS member states – Brazil, Russia, India, China, and South Africa – in 2014, the NDB is presently headquartered in Shanghai. The five member nations produce more than 25% of the world’s GDP and make up over 40% of the world’s population.

The member nations created the bank to finance sustainable development and infrastructure in member states and other emerging economies, as well as reduce the dependence of associated nations on the dollar and euro in international cross-border trade settlements.

The global lender continues to expand its worldwide reach, having already admitted Bangladesh, the United Arab Emirates, Uruguay and Egypt.

Rouseff, said earlier this month that the board of directors of the NDB have formally given her the ability to vote on Argentina’s entry into the organization. Admittance would allow Buenos Aires to access needed financial assistance as it battles rising inflation and stiffening economic headwinds.

The NDB has lent five founding member nations $33 billion to support over 96 projects.