BRICS is not aimed against anyone even in current geo-political scenario, says Russian Deputy envoy
Ahead of the BRICS summit on August 22-24 in South Africa, Russia on Friday stated that BRICS is not aimed against anyone even in current circumstances and it even does not confront the current international economic and financial institutions, rather it is designed to supplement them. Echoing India’s thoughts Russia also stated the concept of single BRICS currency needs further study indicating that it is not in favour of rushing into single currency.
These comments were made by Russian deputy envoy to India Roman Babushkin in New Delhi on Friday at a meet on BRICS organised by the India Foundation. “Even in the current geopolitical turbulence, BRICS is not aimed against anyone.
It even does not confront the current international economic and financial institutions, rather it is designed to supplement them,” Babuskhin said, adding, “In fact, it offers alternative instruments, which are supposed to be safe from politicized Western architecture, including in the context of the de-dollarization trend.” In this sense, one of the most important achievements of BRICS is the New Development Bank as well as Contingent Currency Arrangement, which were launched in 2014. To date, the NDB’s loan portfolio includes 90 projects amounting to more than USD 30 bn, according to the senior Russian diplomat.
“In order to diversify and expand its potential for the benefit of member-economies, it is going to increase the share of non-sovereign projects and to promote cooperation network with other multilateral and national development and commercial banks. We also welcome the NBD’s new shareholders Bangladesh, UAE, Egypt and Uruguay and expect more countries to come in,” Babushkin noted.
Read more on economictimes.indiatimes.com
