13:14 GMT23 September 2020
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    Greece Joining Development Bank Off the Agenda Until July BRICS Summit

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    Russia's Deputy Finance Minister Sergei Storchak sent a proposal to Greek Prime Minister Alexis Tsipras earlier in the week to become a member of the BRICS Development Bank.

    TBILISI, (Sputnik) – Greece's ascension into the BRICS Development Bank will not be discussed until a summit scheduled in July in the Russian city of Ufa, Deputy Finance Minister Sergei Storchak said Thursday.

    Storchak sent a proposal to Greek Prime Minister Alexis Tsipras earlier in the week to become a member of the bank.

    When asked whether Greece's ascension into the bank would be discussed before the BRICS summit in July, Storchak said, "No."

    "In accordance with the charter, the new [BRICS] development bank is open to any sovereign member of the United Nations Organization," Storchak added.

    The BRICS New Development Bank was created in mid-2014 by an agreement between Russia, Brazil, India, China and South Africa. The member states also agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.

    The bank was designed as an alternative to Western global financial institutions.


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