The creation of the BRICS development bank marks a positive moment for the countries forming the association and implies an alternative possibility to fund various projects, a professor of Metropolitan autonomous university of Mexico City said Tuesday.
“Arguably, this bank will become a financial basis for independence of the BRICS countries,” Ana Teresa Gutiérrez Del Cid told RIA Novosti.
According to the expert, the BRICS bank may provide finance for a number of development programs and infrastructure projects. It is also seen as an alternative to the IMF, which dictates fairly harsh conditions for its loans.
“The BRICS bank gives an opportunity to its members to apply for loans without such conditions,” Gutiérrez Del Cid elaborated.
She added that the BRICS summit would allow Russia not only strengthening ties with other countries of the region, but will also help oppose the Western politics aimed at imposing additional sanctions.
“In this term the BRICS summit is extremely helpful to create similar counter measures,” the expert said.
Earlier on Tuesday, the leaders of Brazil, Russia, India, China, and South Africa signed an agreement on the creation of the bank in the Brazilian city of Fortaleza, which hosts the BRICS summit. The institution is to become one of the largest multilateral development banks in the world with an authorized stock of $100 billion.
The BRICS bank will be headquartered in Shanghai.