Putin Proposes New Investment Platform for BRICS Expansion

Russian President Vladimir Putin has proposed the creation of a new investment platform for BRICS nations to drive low-emission economic models. The platform aims to provide financial resources for Global South countries. BRICS will also discuss expansion and address regional conflicts, according to Putin's statements at the BRICS Summit.

Russian President Vladimir Putin has announced a proposal to establish a new investment platform for BRICS countries, as reported by Reuters. Speaking at the BRICS Summit's plenary session, Putin emphasized the need for collaborative efforts in promoting low-emission economic models. He further highlighted that the new platform would provide necessary financial resources for the countries of the Global South.

Currently, BRICS operates two main financial platforms: the Shanghai-headquartered New Development Bank and the Contingent Reserve Arrangement. The former mobilizes funds for infrastructure and sustainable development projects in emerging economies, supplementing existing multilateral and regional financial institutions. The latter offers short-term liquidity support through currency swaps, aiding BRICS members in managing balance of payment crises.

Putin also pointed out that over 30 countries have expressed interest in joining BRICS. He acknowledged the importance of discussing group expansion while maintaining balance and efficacy. Additionally, the BRICS Summit will address acute regional conflicts, reflecting on the organization's history dating back to its first formalization in 2006.

(With inputs from agencies.)