New BRICS Bank to finance first project

By Vestnik Kavkaza
New BRICS Bank to finance first project

Russia has successfully finished its presidency of BRICS (Brazil, Russia, India, China, and South Africa). . It had chaired the organization since April 2015. “Despite regular information, mainly promoted in the West, that BRICS is not the same, that the dynamics of its development have been lost, the association proved its relevance and efficiency. Its members, it was shown by life itself, appreciate this format not only in good times, but in such difficult, serious moments for international relations, which require joint efforts and conjugation of the potentials of like-minded countries. This is a very important achievement of the Russian presidency,” Maria Zakharova, director of the Information and Press Department of the Ministry of Foreign Affairs of Russia, stated.

According to her, during the work of the Russian presidency in BRICS, financial and economic cooperation in these five countries has significantly advanced. The New Bank for the development and conditional foreign exchange reserves pool of BRICS were created. “We expect that this year the bank will finance its first project. Perhaps the sphere of so-called "green" energy and energy efficiency will become this project. The summit in Ufa approved the strategy of economic partnership of BRICS, Russia's idea of preparing a roadmap for trade-economic and investment cooperation for the period until 2020 was supported.

Cooperation in such new areas of interaction and cooperation as migration, energy, industrial safety regulation, environment and the fight against infectious diseases was launched,” Zakharova said.

She stresses that BRICS is not exclusively economic: “The countries of this format are united by common political and strategic interests in such areas and in such fields as the maintenance of international stability and security, and commitment to the principles and norms of international law. We advocate strengthening the central role of the UN, we agree on the fact that security should not be divisible, consider attempts to use double standards and unilateral sanctions, and especially the use of military force to resolve international problems, interference in the internal affairs of States, and pressure from certain countries on others to be unacceptable.

Our common association pays great attention to the tasks of joint counteraction against global challenges and threats. We believe that an effective fight against the terrorist threat, as we have repeatedly said, say and will continue to say, is possible only based on the principles and norms of international law, combining the efforts of the international community. The fight against transnational organized crime, drug trafficking, corruption, all of those phenomenons that go shoulder to shoulder with international terrorism, require the same approach. As well as providing international information security, a search for solutions to other problems and crises, including the refugee problem.”

From this February, the presidency of BRICS will be held by India. Moscow is ready to support it in the work on searching for a balance, relying on previously made decisions and innovations.