BRICS Participants Agreed to Provide Mutual Financial Support for Cooperative Projects

New development bank has already started its operation. 08.Jul.15 3:30 PM By Adrey Shulga Photo Toinnov.com    504

Meeting of BRICS participants has taken place on July 7 in Ufa, Russia. Representatives from Brazil, Russia, India, China and South Africa agreed to launch operation of new development bank (BRICS bank). At the same time participants discussed possible ways of financial cooperation within a pool of foreign exchange reserves. New bank is aimed on solving financial problems which can be faced by founders and lead to lack of investments and budget limitations. New bank will provide financial support for some already existing cooperative projects which include infrastructural Chinese Silk Road projects. Russian Ministry of Finance representatives said that they will offer several Russian projects to be financially supported by the New Bank including projects implemented by Rosneft. The head of the Ministry noted that countries which are not included in the list of BRICS participants may soon also get a chance to be involved in such financial support provided by the bank. Financial reserves of the New bank will be about $10 billion at the beginning of its operation. All 5 BRICS countries-participants will deposit $2 billion. The overall budget is planned to be increased up to $40 billion in the nearest future. If everything runs smoothly the reserves will be up to $100 billion.

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