Moscow - SABA:
Russian Finance Minister Anton Siluanov announced Friday that Moscow supports establishing a BRICS guarantee fund to increase investments among member states.
Siluanov told Sputnik: "This is a Brazilian initiative, and we consider it an important tool for our financial cooperation. We endorse it."
The statement comes after British media reports on Thursday revealed BRICS plans to create the fund with support from the New Development Bank to reduce financial costs and boost intra-bloc investments.
The BRICS summit is scheduled for July 6-7, 2025 in Rio de Janeiro.
About BRICS:
- Founded in 2006 by Russia, China, India, and Brazil
- South Africa joined in 2011
- Expanded with new members in early 2024