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Russia approves draft agreements on BRICS currency pool, Development Bank

July 07, 2014, 18:35 UTC+3 MOSCOW
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MOSCOW, July 07. /ITAR-TASS/. The Russian government approved on Tuesday draft agreements on a pool of BRICS currency reserves and a new Development Bank.

The documents are expected to be signed at the 6th BRICS summit (Brazil, Russia, India, China and South Africa) in Brazil on July 15-16 with the participation of Russian President Vladimir Putin.

The Agreement on the BRICS currency reserve pool stipulates “the establishment of the mechanism of eliminating current and short-term problems in the balances of payments of the BRICS member states - Brazil, India, China, Russia and South Africa.”

The Russian government has also approved the signing of an Agreement on establishing a new BRICS Development Bank, which stipulates “the creation of a multilateral financial institution".

The Bank’s goal is to “finance infrastructure projects and sustainable development undertakings in the BRICS member states and developing countries.”

The Agreement is open to other UN member states to join it, including developed and developing countries, the document says.

The BRICS summit in the Brazilian city of Fortaleza on July 15-16 will discuss coordination issues. On the eve of the summit, July 14, Russia and Brazil are expected to exchange opinions on the prospects of specific trade, investment and humanitarian projects.

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