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BRICS foreign ministers pledge to build up New Development Bank

June 2, 2023 at 8:25 pm

Naledi Pandor, South African Minister of International Relations and Cooperation (L) and Sergei Lavrov, Minister of Foreign Affairs of Russia (R), are seen during a press conference at the BRICS (Brazil, Russia, India, China, South Africa) Foreign Ministers Meeting in Cape Town [RODGER BOSCH/AFP via Getty Images]

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, Anadolu Agency reports.

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.

READ: BRICS meet with ‘friends’ seeking closer ties amid push to expand bloc