BRICS foreign ministers pledge to build up New Development Bank

MOSCOW

The foreign ministers of Brazil, Russia, India, China, and South Africa – BRICS – said that building up the New Development Bank is one of their priorities.

In a statement on its official website, the Russian Foreign Ministry said following the 2-day meeting in Cape Town, the ministers agreed to ensure the sustainability of operational activities of the bank, established by BRICS countries in 2015, to finance infrastructure and sustainable development projects in the developing and member countries.

On the second day, June 2, an expanded meeting was also held with the participation of the foreign ministries of 12 developing countries – the "friends of BRICS" – Argentina, Bangladesh, Gabon, Democratic Republic of Congo, Egypt, Indonesia, Iran, Kazakhstan, Comoros, Cuba, the UAE, and Saudi Arabia.

Also, Russian Foreign Minister Sergey Lavrov held bilateral meetings with his Iranian, Brazilian, UAE, and Saudi counterparts to promote mutually beneficial trade and economic cooperation.