08:27 GMT +316 December 2019
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    BRICS Bank May Invest in Projects in Non-Member States, Including Greece

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    2015 BRICS, SCO Summits in Russia's Ufa (73)
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    The BRICS New Development Bank may invest in projects in the countries that do not belong to the organization, such as Greece, in the future, Russian Finance Minister Anton Siluanov said on Tuesday.

    MOSCOW (Sputnik) — According to the minister, the bank could finance projects in other countries, including Greece, but not in the foreseeable future.

    "Of course, investing funds in economies of other countries will be carried out as well, but the priority is still the development of the infrastructure of the bank's member states," Siluanov said in a press conference.

    Russian presidential aide Yuri Ushakov said Monday that it is too early to talk about other countries joining the BRICS New Development Bank as "it is necessary to see how the bank will function."

    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.

    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.
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    2015 BRICS, SCO Summits in Russia's Ufa (73)

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    business, investment, BRICS New Development Bank (NDB), Anton Siluanov, Russia, Greece
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