The full launch of the BRICS New Development Bank as well as the Contingent Reserve Arrangement will accelerate the development of high technology industries and active investing, Russia’s State Duma speaker Sergey Naryshkin told the BRICS parliamentary forum in Moscow.
According to Naryshkin, the whole world now needs new prospects for trade and investment, for industrial growth and high-tech development. "I am sure that the full launch of the New Development Bank and the Contingent Reserve Arrangement will speed up these processes," Naryshkin said.
The agreements on the establishment of the New Development Bank and the Contingent Reserve Arrangement were signed on July 15, 2014 at the BRICS summit in Fortalesa (Brazil). The main objective of the bank founded by the association’s member countries is to ensure the financing of infrastructure projects of and sustainable development projects in BRICS and other developing countries.
The Contingent Reserve Arrangement is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.
Naryshkin recalled that the State Duma, the lower house of the Russian parliament, had ratified both agreements.
First published by TASS.
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