“It has been 10 years since the BRICS countries created the New Development Bank. We see that the bank’s activities are gaining momentum, and now, in my opinion, it is time for the New Development Bank to take on a qualitatively new role,” he told TASS.
“In Cape Town, including in closed sessions, a number of mechanisms are being discussed that would increase the level of investment in the economies of the participating countries. Issues related to financing, payments and the general operation of financial structures are being considered, so that they are more based on the solutions and approaches that exist in the BRICS countries and the technological approaches that the group countries possess. All discussions are now taking place around this, and in this regard, the future of the New Development Bank will be strengthened in terms of its role in the new wave of global growth and the growth of the BRICS economies,” Oreshkin added, who arrived in Cape Town to participate in the discussions of the annual session of the Board of Governors of the New Development Bank.
The New Development Bank was established by the BRICS countries at the group’s sixth summit in Fortaleza, Brazil, in July 2014. The Bank has eight member countries: Bangladesh, Brazil, Egypt, India, China, the United Arab Emirates, Russia and South Africa. The main objective of the New Development Bank’s activity is to finance infrastructure and sustainable development projects in BRICS countries and developing countries.
Source: TASS
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2024-08-31 09:52:09
