BRICS Bank to Allocate $15 Billion to Economic Recovery

Russia’s Foreign Minister Sergei Lavrov Tuesday announced that the New Development Bank (NDB) will allocate USD15 billion to economic recovery projects.

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"We have decided to create a special credit instrument to finance economic recovery projects in the countries. It is expected to allocate up to US$15 billion for this purpose," Lavrov said and added that this aid will be a "good contribution" for the recovery and reactivation stage of the BRICS group, which is made up of Brazil, Russia, India, China, and South Africa.

The Russian minister also indicated that the BRICS foreign ministers agreed on the need to launch projects for the development of vaccines for various existing coronavirus, a task that this economic cooperation group already considered in 2018.

"Today we analyze this situation again. We decided to underline the need to implement that agreement and create this mechanism as soon as possible," he said.

During today's videoconference, the BRICS foreign ministers rejected the economic and financial sanctions imposed by the United States against several countries, for they are an obstacle in the fight against the pandemic.

The Russian minister pointed out that today's videoconference does not replace the ministerial meeting scheduled for next June, although he admitted that its celebration could be postponed if the health situation so requires.

A month later the summit of the leaders of the BRICS countries will be held in Saint Petersburg.​​​​​​​