Yesterday China formally ratified the agreement on creating a new BRICS development bank (Brazil, Russia, India, China and South Africa). A covenant on the establishment of the BRICS bank was reached by the leaders almost a year ago in Fortaleza. It is assumed that the initial registered capital will be 50 billion dollars, subsequently increasing to 100 billion dollars. The Bank will finance infrastructure projects and projects for sustainable development of the BRICS and other emerging countries. The NBR authority will be formally approved at the BRICS summit in Russia on July 7 at a meeting of the Board of Governors in Moscow. The first president of the institution will become the representative of India, the first chairman of the board of directors will be the representative of Brazil, the Chairman of the Board of Governors will be the Russian Finance Minister Anton Siluanov.
In addition, as part of its presidency of the BRICS association, Russia is launching a "youth dimension" interaction of the five largest countries in the world. During the week starting on July 1, 2015, the first BRICS Youth Summit, which gathered more than 300 delegates, is held in Russia.
The Deputy Director of the Foreign Policy Planning Department of the Ministry of Foreign Affairs of Russia, Alexei Ovchinnikov, says that ‘’the BRICS Union is young itself, dynamic, actively developing and its distinctive feature is the innovative and modern nature of the relationships that exist in the BRICS."
The agenda of the BRICS at the beginning of the Russian presidency seriously expanded, in particular through the social and human dimension of the work of the BRICS countries. "There are several directions, including the youth platform. But the youth platform is basically present in all directions of the BRICS. The BRICS tasks in the compaction relationships, the increase of people's welfare, the positive development of a creative agenda focused on the younger generation. The young leaders of our countries are actively connected to their core areas for the work being done in the BRICS," Ovchinnikov says.
At the same time, he said, BRICS tries to prioritize so that they present concern about the world in which the younger generation will have to live and work. "BRICS is an association that works for the future. Partners in this format we support, and actively responded to the initiatives proposed by Rosmolodezh. It is important to unite the efforts of young leaders, to coordinate their work, so they have a sense of unity of action and collective searching, regardless of whether, in what area, in what direction they are busy right now. We have planned a youth summit, the Forum of Young Diplomats, youth exchanges, university global summits, network universities, academic cooperation, and so forth," Ovchinnikov said.
He hopes that, through this, the younger generation will feel that they are doing one thing, working together "in terms of the collective search for answers to the problems which our countries and nations are facing, for the benefit of a predictable and stable and prosperous world. BRICS has a creative and positive agenda. We are not opposing those areas that are developing, international development trends, we are always trying so they are in line with those problems which must be solved now," the Russian diplomat assured.
