Kvyat to race at home F1 GP in Sochi with new helmet design depicting him riding torpedoSport April 27, 21:43
Maria Sharapova gets into quarterfinal of tournament in StuttgartSport April 27, 21:16
Russia, Japan to hold bilateral year of culture in 2018World April 27, 20:49
Angela Merkel’s visit to Moscow – pragmatism above all elseRussian Politics & Diplomacy April 27, 19:18
Japanese businessmen and officials to visit South Kuril Islands in summerWorld April 27, 18:46
Putin, Abe call for quickest restart of talks on Korean settlementRussian Politics & Diplomacy April 27, 18:32
Russian diplomat accuses White Helmets of supporting terrorismRussian Politics & Diplomacy April 27, 17:54
Putin's spokesman warns against attempts to hold unauthorized rallies in MoscowRussian Politics & Diplomacy April 27, 16:43
Russian Foreign Ministry says situation on Korean Peninsula is degradingRussian Politics & Diplomacy April 27, 16:42
MOSCOW, July 15, /ITAR-TASS/. Russia’s President Vladimir Putin expects BRICS nations (Brazil, Russia, India, China and South Africa) to create not only the Development Bank, but also foreign currency reserves pool.
“In the near future, we expect to finalise all the remaining issues and we will be able to use this Bank's potential to realise major projects in our countries”, he told Itar-Tass in an interview ahead of the BRICS summit.
President said that creation of a BRICS pool of foreign currency reserves was also underway. He called it ‘a safety net’ that would help form a joint response to economic challenges.
“Our initiative to establish the Development Bank is aimed at expanding cooperation in this sphere”, he said, as he believes that all the BRICS economies need serious infrastructure modernisation.
He emphasized that both the Development Bank and the foreign currency reserves pool are practical steps for BRICS countries, intended to strengthen international financial architecture and to make it more balanced and just.
Earlier, Russian presidential aide Yuri Ushakov told the media that an agreement on creation of the Development Bank and foreign currency reserves pool is ready to be signed at the BRICS summit in Brazilian resort Fortaleza on July 15-16. The Bank will be involved in infrastructure projects on the BRICS nations’ soil in the first place. The authorized, dedicated and paid in capitals will amount to 100, 50 and 10 billion U.S. dollars respectively. The latter will be formed within seven years.