Moscow - Saba:
Russian Finance Minister Anton Siluanov confirmed that the New Development Bank, affiliated with the BRICS group, has proven its effectiveness and usefulness over the past ten years of its operation, noting that it "will form the basis for establishing a guarantee mechanism aimed at increasing the volume of investments in the group's countries."
Following the annual meeting of the Bank's Board of Governors and a meeting of BRICS finance ministers and central bank governors, Siluanov told reporters: "The New Development Bank has been operating for 10 years and has proven its efficiency and effectiveness. A decision was made to establish a guarantee mechanism based on this institution, which we are currently discussing."
Siluanov also announced that the BRICS finance ministers and central bank governors discussed, during their meetings in Brazil, ways to use digital financial assets and digital currencies as financial settlement tools, confirming the agreement to continue exploring this path in the future.
Siluanov said, "The issue of using digital financial assets as a settlement tool was discussed, both during the general discussions and at the central banks' session, and it was agreed that this topic would remain open for discussion, as it is one of the new financial instruments receiving increasing attention on the BRICS agenda."
He added, "Among the topics discussed were cross-border payments using digital capabilities, reflecting the group's orientation toward strengthening independent financial infrastructure using innovative tools."
The New Development Bank is one of the most prominent financial instruments of the BRICS countries, promoting economic and financial cooperation among member states. It works to finance infrastructure and sustainable development projects.
It is worth noting that the BRICS group was founded in 2006 at the initiative of Russia. South Africa joined in 2011, and then expanded in 2024 with the addition of four new countries. Other countries cooperate with the group in partnership, including Belarus, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, and Uzbekistan.
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