Talks Over Other Countries Membership in BRICS Bank Premature: Putin's Aide

It is too early to talk about other countries joining the BRICS New Development Bank, Russian presidential aide Yuri Ushakov said Monday.

MOSCOW (Sputnik) — The NDB was created in July 2014 by an agreement between BRICS member states to mobilize resources for infrastructure and sustainable development projects. The countries also agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.

"The new bank is open for inclusion of any country. The activity of the bank has an open character. However, it is not topical right now, as its activities, the bank will be launched after the Ufa [BRICS] summit. Of course, it is necessary to see how the bank will function," Russian presidential aide Yuri Ushakov told reporters.

In May, Russia invited Greece to become a NDB member, with discussions on Athens' membership of the bank expected to take place at the July 8-9 BRICS summit in the Russian city of Ufa.

Five major developing economies – Brazil, Russia, India, China and South Africa – envisage their venture as an alternative to existing global financial institutions, including the International Monetary Fund (IMF), one of Greece’s three main creditors.