Russian President Vladimir Putin, during the recent BRICS Summit in Kazan, proposed a new investment platform specifically designed for BRICS nations. This platform is aimed at advancing low-emission economic models and providing financial support to countries in the Global South. Putin emphasized the urgency of promoting sustainable and eco-friendly growth models, aligning with global climate goals.
Currently, BRICS operates two key financial mechanisms: the New Development Bank (NDB), which supports infrastructure and sustainable development projects, and the Contingent Reserve Arrangement (CRA), providing short-term liquidity support to member nations. The proposed investment platform is intended to further these efforts, addressing economic challenges in the Global South by offering greater access to financial resources.
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Putin also touched on the potential expansion of BRICS, noting that over 30 countries have expressed interest in joining the group. While this demonstrates the global appeal of BRICS, Putin stressed the importance of maintaining balance and ensuring the bloc’s effectiveness amid expansion. He also highlighted the summit’s discussions on addressing regional conflicts, reflecting BRICS’ broader geopolitical ambitions.
