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BRICS
11.11.23 16:16
Economics

The New BRICS Development Bank: History of its Creation and Tasks

We tell you about the main reasons for its creation

At the moment BRICS is an association of five countries (Brazil, Russia, India, China and South Africa), the aim of which is joint development. Cultural contacts, co-operation in communication, education and business require fundamentally new solutions to current problems arising in the field of diplomatic interaction. Among them is the creation of a bank that would ensure the convenience and ease of strengthening financial ties between the BRICS member states.

In 2012, at the Fourth BRICS Summit in New Delhi, India proposed the creation of a new multilateral development bank to mobilise resources for infrastructure and sustainable development projects in the P5 countries. Already at the next, V summit, in 2013, a joint decision was taken to establish the BRICS Bank. At the VI BRICS Summit on 15 July 2014 in Fortaleza, Brazil, a declaration on the establishment of the BRICS NDB was signed.

Reasons for the establishment of the BRICS New Development Bank

The main and overriding one is a fair economic assessment of the policies of the International Monetary Fund and the World Bank. Their activities could not always ensure that the positions of Brazil, Russia, India, China and South Africa were taken into account. In order to avoid moments of some concern for national governments, the best way to resolve the misunderstandings was to translate into reality the resourceful idea of the Indian partners.

The objectives of the BRICS NDB are:

  • Providing loans, investments, in the interest of supporting private and public projects of the member countries;
  • co-operation with international and national organisations;
  • assisting in the preparation and implementation of infrastructure and investment projects;
  • supporting projects involving the financial interests of more than one BRICS member state;
  • Establishment and management of specialised funds, the purpose of which will be to achieve the overall objectives of the New Development Bank.

The measures taken to establish and operate the organisation created by the BRICS member states are a productive contribution to the development of international relations. Co-operation and mutual assistance will become more accessible to all, the more widespread the investment participation of the capitals the bank operates.

By highlighting the key points of the bank's activities, a panoramic view of the totality of the economic situation can be indicated. Direct communication, especially on the financial plane, has a fruitful effect on the general background of relations and allows to improve interconnections between different regions of the world.

Photo: IStock


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