BRICS Expansion to Enable Increase in Mutual Investments - Russian Investment Fund

MOSCOW (Sputnik) - The expansion of BRICS will enable an increase in mutual investments between the member states, the CEO of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, told Sputnik.

"The expansion of BRICS+ is a crucial step towards an increase in the volume of mutual investments between the BRICS+ countries and enhancement of interaction of their financial and payment infrastructures," Dmitriev said.

Earlier in the day, South African President Cyril Ramaphosa announced that the BRICS leaders had decided to invite Argentina, Egypt, Iran, Ethiopia, the United Arab Emirates and Saudi Arabia to join the group.

"The BRICS+ framework provides an opportunity for the implementation of many proposals by the BRICS Business Council, including not only the BRICS payment system, but also the possible emergence of BRICS+ units of account and the BRICS+ Arbitration. These and other initiatives are extremely important for boosting partnership and strengthening economic interaction between the BRICS+ countries and their partners," Dmitriev added.

In 2019, the RDIF proposed the establishment of a joint BRICS payment system and a single cryptocurrency for settlements between member states. The fund's initiatives also included the creation of an international arbitration court within the BRICS framework, which would allow for an objective and unbiased resolution of disputes between members of the block.

The three-day summit of BRICS — the group uniting the world's largest developing economies, namely Brazil, Russia, India, China and South Africa — began in the South African capital of Johannesburg on Tuesday. A total of 23 states have recently expressed their desire to join the block.