This undated photo shows the national flags of the BRICS members – (from left) Brazil, India, Russia, China and South Africa. (PHOTO / AFP)

BRASILIA - The BRICS bloc can play an "exceptional role" globally as it can help reduce inequality by offering developing countries financing without the onerous terms, Brazilian President Luiz Inacio Lula da Silva said Wednesday.

At a breakfast with foreign correspondents, the Brazilian leader said he has high expectations for the 15th BRICS Summit to be held in South Africa at the end of the month, noting it is "extremely important" that countries like Saudi Arabia, Argentina and other large developing countries join the bloc.

According to the government of South Africa, more than 40 countries have expressed interest in joining BRICS.

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Brazilian President Luiz Inacio Lula da Silva speaks to the press after a summit of South American leaders, at Itamaraty Palace in Brasilia on May 30, 2023. (PHOTO / AFP)

"At this meeting, we could possibly decide by consensus which new countries will be able to join the BRICS. I consider it extremely important to allow other countries that meet the BRICS requirements to join the group," Lula said.

"From a global perspective, I think the BRICS can play an exceptional role," he stressed.

The BRICS New Development Bank must be "more efficient and generous" than the International Monetary Fund, he said.

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The BRICS bloc is made of five emerging countries - Brazil, Russia, India, China and South Africa.