BRICS Preparing to Ratify New Development Bank Agreement: Russian Diplomat

Author: us-russia
Comments: 0
BRICS Preparing to Ratify New Development Bank Agreement: Russian Diplomat
Published 16-11-2014, 18:17
According to Ambassador-at-Large of Russia's Foreign Ministry, BRICS member states are preparing to ratify the agreement on the establishment of the New Development Bank and the Contingency Reserve Agreement, which are intended to help emerging economies borrow funds for infrastructure projects.

MOSCOW, November 14 (RIA Novosti) — BRICS countries have begun the preparations for the ratification of an agreement establishing the group's New Development Bank, Vadim Lukov, Ambassador-at-Large and Foreign Ministry coordinator for G20 and BRICS affairs, told Sputnik Friday.

"Now all the parties are at different stages of the preparatory procedures for ratifying the agreement on the establishment of the [New Development] Bank," Lukov told Sputnik in an interview.

"Russia is also preparing to ratify this agreement. I know that the Ministry of Finance has already negotiated this document with the other government agencies involved. When it will be ratified depends on the State Duma," Lukov added.

The ministry's coordinator also emphasized that the issue of finding the group's political strategic partners among rising economies is particularly crucial.

The BRICS group comprising Brazil, Russia, India, China and South Africa, sets out the nations' common goals on the global arena, seeking their unified approach to international affairs, as well as cooperation in other sectors.

In July, during a BRICS summit, the members of the group signed a deal on the establishment of the New Development Bank (NDB) and the Contingency Reserve Agreement (CRA), which are intended to help emerging economies borrow funds for infrastructure projects. The Bank may become an alternative to western-oriented international financial institutions.

 

RIA Novosti

Comments: 0
Experts' Panel
Are the U.S. and Russia...
The Sunday, February 24 edition of Russian state television’s...
Are the U.S. and Russia...
Top
popular in the journal
Ukrainian elections: Why should...

Ukrainian elections: Why should...

Back in 2002, when President George W. Bush was mulling his attack on Iraq, Secretary of State Colin Powell reportedly cautioned him with what came to be known as the ...
CIA Director Used Fake Skripal...

CIA Director Used Fake Skripal...

CIA Director Used Fake Skripal Incident Photos To Manipulate Trump
Russian and US Positions on...

Russian and US Positions on...

On Wednesday, the Russian foreign minister spoke to US Secretary of State Mike Pompeo, telling the top US diplomat that Washington's interference in Venezuela's affairs ...
Последний день Помпео

Последний день Помпео

Политолог Эдуард Лозанский — об истинных причинах поездки госсекретаря США в Россию
“Foreign Affairs” magazine at a...

“Foreign Affairs” magazine at a...

I have not critiqued articles in Foreign Affairs magazine for at least two years because it seemed pointless to whip a dead horse.  Dead intellectually I ...