MOSCOW (Sputnik) – Russia would also focus on setting up the BRICS New Development Bank (NDB), to support infrastructure projects and embrace sustainable development as chair of the organization.
“Russia will prioritize financial and economic cooperation within BRICS. In particular, we plan to support adoption of economic partnership strategy of the group’s countries, promote the launch of the New Development Bank and pool of currency reserves,” the statement posted on Russia’s BRICS chair website said.
The next summit of BRICS is set to take place in southwestern Russian city of Ufa on July 8-9.
BRICS was established in 2010, after South Africa joined the group comprising Brazil, Russia, India and China (BRIC). BRICS countries make up about 40 percent of the world’s population and produce some 20 percent of global GDP.
