EEC and BRICS New Development Bank start dialogue

The Eurasian Economic Commission and the New Development Bank start a dialogue as part of implementing the Main Directions of the Eurasian Economic Union's International Activities and the initiatives of the Heads of the Union Member States to strengthen cooperation between the EAEU and the BRICS.

A meeting between Vladimir Kovalev, Adviser to the Chairman of the EEC Board, and Andrey Bokarev, Director General of the NDB's Eurasian Regional Center, was held on January 26 in Moscow.

A wide range of issues on the long-term agenda of interaction between the EAEU and the BRICS was touched upon. In particular, some approaches to project financing in two associations were discussed.

“In light of the global economy transformation, cooperation with the BRICS countries is of particular interest to the Eurasian Economic Union. We see the prospect in the dialogue with the New Development Bank both in terms of sharing best practices in implementing infrastructure, logistics and energy projects in the emerging economies, and on more global issues of sustainable economic development in the EAEU and the BRICS”, Vladimir Kovalev noted. 

According to the Adviser to the Chairman of the EEC Board, it is also important to work out some instruments of interaction between the EAEU and the BRICS in the payment and settlement sphere.

Vladimir Kovalev and Andrey Bokarev discussed the possibility of holding joint events between the EEC and the New Development Bank. In particular, they plan to invite the NDB's officials to participate in the Eurasian Economic Forum to be held on May 24-25, 2023. Furthermore, in 2023, the Eurasian Economic Union's presentation may be organized at the venue of the New Development Bank.

For reference

The New Development Bank was established by the BRICS countries under an intergovernmental agreement signed at the 6th BRICS Summit held in July 2014 in Fortaleza. The Bank's mission is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries. In 2021, the NDB admitted four new members: Bangladesh, Egypt, UAE, and Uruguay.

The NDB's authorized capital is 100 bln dollars, the capital can be subscribed by the members of the United Nations.

The NDB's Eurasian Regional Center is located in Moscow. One of the main functions of the Eurasian Regional Center is to support the NDB projects involving several Eurasian States, as well as cooperation with public and private institutions.