01:11 GMT27 September 2020
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    According to Ambassador-at-Large of Russia's Foreign Ministry, BRICS member states are preparing to ratify the agreement on the establishment of the New Development Bank and the Contingency Reserve Agreement, which are intended to help emerging economies borrow funds for infrastructure projects.

    MOSCOW, November 14 (RIA Novosti) — BRICS countries have begun the preparations for the ratification of an agreement establishing the group's New Development Bank, Vadim Lukov, Ambassador-at-Large and Foreign Ministry coordinator for G20 and BRICS affairs, told Sputnik Friday.

    "Now all the parties are at different stages of the preparatory procedures for ratifying the agreement on the establishment of the [New Development] Bank," Lukov told Sputnik in an interview.

    "Russia is also preparing to ratify this agreement. I know that the Ministry of Finance has already negotiated this document with the other government agencies involved. When it will be ratified depends on the State Duma," Lukov added.

    The ministry's coordinator also emphasized that the issue of finding the group's political strategic partners among rising economies is particularly crucial.

    The BRICS group comprising Brazil, Russia, India, China and South Africa, sets out the nations' common goals on the global arena, seeking their unified approach to international affairs, as well as cooperation in other sectors.

    In July, during a BRICS summit, the members of the group signed a deal on the establishment of the New Development Bank (NDB) and the Contingency Reserve Agreement (CRA), which are intended to help emerging economies borrow funds for infrastructure projects. The Bank may become an alternative to western-oriented international financial institutions.

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    Tags:
    Brazil, G20, New Development Bank, BRICS, Vadim Lukov, South Africa, China, India
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