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BRICS Bank provides Bolivia with great options to attract investment — president

"We are waiting for a type of financing that is not classic, like, for example, the International Monetary Fund," Luis Arce noted

ST. PETERSBURG, June 7. /TASS/. The BRICS New Development Bank (NDB) provides Bolivia with excellent opportunities to attract foreign investment into the republic's economy, Bolivian President Luis Arce said at the plenary meeting of the St. Petersburg International Economic Forum (SPIEF).

"There are investment opportunities for those who agree with our economic model. <...> We are waiting for a type of financing that is not classic, like, for example, the International Monetary Fund. They have their own goals when providing loans," he said.

"BRICS Bank is a great opportunity to attract foreign investment," he added.

Earlier, the Bolivian president noted that his country is interested in participating in BRICS because this gives it "excellent prospects for transformation along with accelerated industrialization."

Since its founding in 2006, the BRICS group has gone through two waves of expansion. In 2011, South Africa joined the original lineup, which included Brazil, Russia, India and China. In August 2023, six new members were invited to become members of the association, including Argentina, but at the end of December it refused to join. Five new members, which are Egypt, Iran, UAE, Saudi Arabia and Ethiopia, began full-fledged work in BRICS on January 1, 2024.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme is "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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