00:55 GMT26 January 2021
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    Athens is mulling over the position of a member of the BRICS New Development Bank.

    MOSCOW (Sputnik), Anna Liatsu — Greece is considering membership in the BRICS New Development Bank (NDB), Greek Deputy Defense Minister Costas Isychos told Sputnik on Saturday.

    "[Greece] is discussing its position to be a future member of the Development Bank of the BRICS," Isychos said.

    Russia invited Greece to become the bank's sixth member on May 11, but discussions of Athens' ascension into the NDB were not due to start until the BRICS summit in July.

    "Greece's bilateral agreement with BRICS countries has to do with what Greece and the BRICS countries are talking about on the question of development projects within Greece," Isychos told Sputnik.

    These discussions are not linked with Greece's outstanding debt to its European and International Monetary Fund lenders, the official said.

    The NDB 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 is expected to become an alternative to Western-dominated financial institutions and will focus mainly on funding infrastructure projects.

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    Tags:
    membership, BRICS New Development Bank (NDB), BRICS, Costas Isychos, Greece
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