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Russia invites BRICS to create a platform for investment in 'green technologies'

BRICS is an informal association of five major emerging national economies

MOSCOW, February 12. /TASS/. Russia has invited the BRICS countries to create a financial mechanism for investment in "green technologies" and environmental projects, the press service of Russia’s Natural Resources Ministry reported referring its minister Sergei Donskoy.

According to the press service, at a meeting with Environment Minister of South Africa Edna Molewa in Cape Town, South Africa, Donskoy said that Russia is working on such a mechanism.

"We proposed creating a public-private partnership platform for the BRICS countries to exchange experience in legislative regulation in the field of environmental protection, as well as search for, exchange and introduction of green technologies," Donskoy said.

According to him, it is also planned to use the potential of the New Development Bank for this project.

According to the ministry’s report, the minister plans to discuss these issues in detail during a meeting of the working group on the environment of BRICS states in May.

BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was founded in June 2006 at the St. Petersburg International Economic Forum and was known as BRIC prior to inclusion of South Africa in 2009.

The main task of the New Development Bank is to finance infrastructure projects and sustainable development projects in the BRICS states and in developing countries.