📖 Word of the week: New Development Bank

This week is dedicated to the term ‘New Development Bank’ (NDB). The NDB is a key player among international financial institutions. The Bank was established to support infrastructure and sustainable development projects in the BRICS countries, as well as in other developing countries.

📍 Foundation of the bank

The idea of establishing the New Development Bank was proposed by India at the 4th BRICS Summit in New Delhi in 2012. The political decision to establish it was endorsed by the BRICS leaders at the 5th BRICS Summit in Durban 27 March 2013.

One of the main reasons for the establishment of the NDB was the dissatisfaction of the #BRICS members regarding their lack of influence in organisations such as the World Bank and the International Monetary Fund.

The agreement to establish the NDB was signed on 15 July 2014 on the first day of the 6th BRICS Summit in Fortaleza, Brazil. Following this, Russian President Vladimir Putin ratified the agreement on 8 March 2015. In July 2015, the first meeting of the NDB's Board of Governors was held in Moscow to launch the bank's official operations.

⭐ Main objectives

The primary role of the New Development Bank is to finance infrastructure and sustainable projects around the world. This can include the construction of roads, bridges, energy facilities and other critical infrastructure elements that contribute to economic growth and improve the quality of life.

The Bank actively supports projects that help develop economies, create jobs and improve environmental standards in developing countries. In addition, the NDB pays special attention to projects related to renewable energy and energy efficiency, which contributes to the fight against climate change.

📊 Impact and achievements

Since 2018, the New Development Bank has financed nearly 100 projects worth $33 billion. Russian President Vladimir Putin emphasised that increasing the share of settlements in local currencies helps to reduce geopolitical risks and strengthen the financial independence of BRICS countries.

At a meeting with NDB President Dilma Rousseff at the 2024 BRICS Summit in Kazan, it was noted that the bank has already channelled funds to a number of important projects and continues to look for ways to work more efficiently. Rousseff noted that many countries need financial support and the NDB can play a key role in this process.

The New Development Bank demonstrates not only financial support, but also strategic importance for BRICS member countries, providing them with tools to achieve economic sustainability and independence.

#BRICSExpertCouncil #BRICSExpertCouncilRussia #NDB #Summit #wordoftheweek

🕊🕊🕊

In touch with BRICS: news digest for May 26

Key developments unfolding right now in the BRICS world:

⚪ Indonesia, Ethiopia eye stronger economic, BRICS cooperation

⚪ What future awaits the expanded BRICS

⚪ #BRICS shifts trade away from US dollar

⚪ ASEAN-GCC-China cooperation a new "golden triangle" in global affairs

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for May 27

Key developments unfolding right now in the BRICS world:

⚪ Russia expanding BRICS New Development Bank financing in national currencies

⚪ South Africa nurtures agricultural ties with Russia and Global South against external pressure

⚪ India seeks #BRICS cultural and civilisational leadership

⚪ BRICS represents new initiative as cohesive force within Global South

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for May 28

Top stories shaping BRICS today—stay informed in minutes

⚪ Yevgeny Terekhin emphasised that BRICS membership serving as impetus for Ethiopia's economic growth, global standing

⚪ #BRICS security chiefs meeting held with Iran’s participation

⚪ Path to better Russia-US ties difficult but Moscow ready for honest dialogue

⚪ Russia expanding BRICS New Development Bank financing in national currencies

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for May 29

Your quick rundown of the most important BRICS updates today

⚪ Lavrov noted that West sees great power conflict as inevitable, Russia-China relations disprove it

⚪ BRICS: a challenge to Western-led institutional architecture?

⚪ Brazil concludes preparatory stage for BRICS Sports Ministers Meeting

⚪ Brazil hosts #BRICS Culture Ministers Meeting

⚪ BRICS with a new platform for multi-million dollar investments

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for May 30

Top highlights from the BRICS world—economics, politics, and more

⚪ Kazakhstan has no plans to join BRICS as a full member in the near future

⚪ Launching a multifunctional investment platform will help attract up to USD 100 billion of annual investment in BRICS and Global South countries

⚪ Brazil leads BRICS amid growing US-China tensions

⚪ SCO and BRICS valuable opportunities for Iran

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for May 31

Most essential BRICS news and headlines at a glance

⚪ The comprehensive high-level international dialogue on the future architecture of global security has definitively dispelled the myth of Russia’s isolation

⚪ Ghanaian MP: BRICS is the best thing that will ever happen

⚪ Chinese silk gained popularity among BRICS nations and Belt and Road countries

#BRICSExpertCouncilDIGEST

🕊🕊🕊

In touch with BRICS: news digest for June 1

A snapshot of BRICS today—what’s moving markets and shaping policies

⚪ BRICS presents updated emissions targets and native vegetation restoration strategy

⚪ Global digital forum agenda: BRICS and sovereignty, AI, sybersecurity

⚪ Brazilian Ministry of Education to hold BRICS educational meetings

#BRICSExpertCouncilDIGEST

🕊🕊🕊

Research Seminar: "Prospects and Features of Responsible Business in BRICS"

As the global economy undergoes transformation, the role of BRICS nations in advancing sustainable development is becoming increasingly prominent. Business responsibility is a cornerstone of national sustainability, and the unique characteristics of responsible business practices across the #BRICS countries play a pivotal role in this dynamic. On June 11, experts from the Laboratory of Responsible Business at HSE University will discuss the key challenges and opportunities for responsible business development across Brazil, Russia, India, China, and South Africa, focusing on their distinct national traits:

✔ What are the national characteristics of responsible business in the #BRICS countries?
✔ What are the prevailing trends shaping responsible business in these nations?

🗣️ Format: Online
🔥 Date and Time: June 11, 11:00–13:00 (Moscow)
❕ Language: English

📎 Registration is available on the website.

#EVENTS

🕊🕊🕊

Vladimir Putin extended the powers of Deputy Foreign Minister Sergey Ryabkov

Russian President Vladimir Putin has signed a decree extending Deputy Foreign Minister Sergey Ryabkov’s term of office until July 8, 2026. The official document was published on the legal information portal.

Born in 1960, Sergey Ryabkov graduated from MGIMO University in 1982. He has held various diplomatic roles both at the Ministry's central office and abroad. Since August 2008, he has served as Deputy Minister of Foreign Affairs, overseeing bilateral relations with the United States and Latin America, as well as issues related to non-proliferation, arms control, the Iranian nuclear programme, and Russia's participation in #BRICS.

#NEWS #diplomacy

🕊🕊🕊

Russia to prepare roadmap for substantive negotiations with BRICS countries on creating grain exchange

Russia is set to formulate a strategic plan for in-depth discussions with the BRICS nations about establishing the BRICS Grain Exchange, reported Deputy Prime Minister Dmitry Patrushev's office after a meeting focused on the creation and operation of the exchange.

"The Russian Ministry of Economic Development unveiled proposals for creating the exchange and defining its operational model. The meeting concluded with a decision to prepare a roadmap for in-depth negotiations with the BRICS nations to advance the project," the office stated.

The BRICS Grain Exchange will lay the groundwork for developing independent price benchmarks within the group, Patrushev said. Ultimately, this initiative will foster a more objective valuation of agricultural products in global markets.

"The establishment of the #BRICS Grain Exchange will reduce reliance on Western trading platforms while creating essential infrastructure to enhance the grain market's efficiency," the Deputy Prime Minister remarked.

#NEWS #trade

🕊🕊🕊

BRICS Student Games project presented in Russian Civic Chamber

The BRICS Student Games project was unveiled at the Civic Chamber of the Russian Federation. Project manager Anna Vershinskaya emphasised that the initiative "aligns with the international agenda, placing Russia and its capabilities at the forefront of this foreign policy direction while addressing several pressing social issues domestically."

The BRICS Student Games programme features the most popular sports across the BRICS nations, including boxing, tennis, football, swimming, athletics, and rhythmic gymnastics.

The competition is set to take place in 2026.

#NEWS #sport

🕊🕊🕊

Brazil’s Finance Ministry sees citizen engagement as transformative force in BRICS economic and financial discussions

During Brazil’s Chairship in BRICS, the group continues to strengthen its role in promoting multilateralism amid current geopolitical challenges. The University of Brasília (UnB) hosted the BRICS Week, an event aimed at fostering exchanges among academics, government officials, and civil society, with a focus on tax justice, reforming the international financial system, and ensuring financing for equitable social protection.

Ambassador Tatiana Rosito, Secretary for International Affairs at Brazil’s Ministry of Finance, underscored the continuity from Brazil’s G20 Chairship, highlighting BRICS' vital role in transformation and stabilisation, particularly in championing multilateralism and addressing the disparities between developed and developing nations. André Roncaglia, Brazil’s Executive Director at the International Monetary Fund (IMF), emphasised that #BRICS can evolve beyond a mere discussion forum, aiming to address the IMF's shortcomings in supporting the Global South, especially in conflict-ridden or unstable regions.

Brazil’s Chairship in BRICS prioritises democratic global governance, with the Ministry of Finance advocating for civil society dialogue as a cornerstone of inclusive policy-making, building on initiatives launched in earlier meetings in Rio de Janeiro and São Paulo this year.

#NEWS #Brazil #finance

🕊🕊🕊

Cuba's Minister of Communications highlights republic's priorities as BRICS partner

The ongoing partnership with BRICS opens up new opportunities for Cuba in science, technology, and international cooperation. This insight was shared by Cuba's Minister of Communications Mayra Arevich Marín.

"Currently, the most exciting projects revolve around artificial intelligence, which we can cultivate right here in Cuba. These innovations hold promise not just for our people but for fellow BRICS nations as well. We recognise the potential," she remarked.

Cuba achieved #BRICS partner country status in 2024 and has since been actively pursuing collaborative initiatives. The Minister highlighted that this partnership has already elevated the status of the Havana Science and Technology Park.

Ms Marín also emphasised that Cuba’s focus extends beyond technology; it embraces social development too. She noted that President Miguel Díaz-Canel has pinpointed three pivotal areas: enhancing digital environment, bolstering social initiatives, and advancing education, particularly in modern IT disciplines.

#NEWS #Cuba #AI

🕊🕊🕊

Belarus is interested in building contacts with BRICS members

Belarus is ready to join BRICS as a full-fledged member, shared Sergey Rachkov, Chairman of the Standing Commission of the House of Representatives on International Affairs of the National Assembly of Belarus. He spoke at the 1st meeting of the Chairs of the Foreign Affairs Committees of BRICS Parliaments titled "Strengthening BRICS Trade in the Current International Scenario," which took place on the sidelines of the 11th BRICS Parliamentary Forum in Brasília.

"Currently, Belarus engages with BRICS as a partner state, but our ultimate ambition is to secure full membership. We have consistently shown our commitment to partnerships and parliamentary diplomacy. In light of sanctions and economic upheaval, a united response to challenges is more crucial than ever. As one of the world's leading exporters of potash fertilisers, select food products, and agricultural machinery and technologies, Belarus seeks to forge stronger ties with the BRICS nations," Rachkov emphasised.

The Eurasian Economic Union (#EAEU), where Belarus is a member, is also actively expanding trade and economic collaboration with #BRICS nations through existing agreements, memoranda, and ongoing negotiations.

"Amidst global transformations, the advantages of partnerships among the BRICS countries are clear, and Belarus stands ready to join as a full-fledged member," Rachkov concluded.

#NEWS #Belarus #diplomacy

🕊🕊🕊

Lula da Silva: BRICS has turned into major economic and political force

Brazilian President Luiz Inácio Lula da Silva declared that Brazil would chart its own economic course, undeterred by US President Donald Trump's threats to impose high tariffs against nations moving away from the US dollar in trade.

He also cautioned against framing #BRICS as a group in opposition to anyone, stressing that the upcoming BRICS Summit that will take place in Rio de Janeiro on July 6–7 will not be centred on countering US policies.

"For too long, countries of the Global South have been seen as merely developing nations that don’t cause trouble. That era is over. BRICS now accounts for 39% of global GDP and more than half of the world’s population. We’ve become a major economic and political force," he said.

#NEWS #Brazil #sanctions

🕊🕊🕊

IV Kazan Global Youth Summit

Applications are now open for the upcoming Kazan Global Youth Summit 2025, themed "Education of Personality in the Era of Global Changes: Values-Based Career Development." Experts will discuss the implementation of international exchanges and academic mobility initiatives for youth, alongside exploring the role of digital media as an educational tool for the younger generation.

➖ Young people from the OIC member states, OIC observer states, BRICS nations, and countries of the Asia-Pacific Region are encouraged to apply
➖ Leaders of youth associations, representatives from international organisations focused on youth, youth influencers, young entrepreneurs, and academicians will have an advantage in the selection process
➖ Applicants must be aged between 18–35
➖ English proficiency required: B2–C1+

At the conclusion of the Summit, a joint resolution will be signed, and an action plan will be adopted, laying the groundwork for collaborative children’s and youth initiatives and long-term cooperation across the Islamic world, #BRICS, and the Asia-Pacific Region.

📍 Location: Kazan, Republic of Tatarstan (Russia)
🔥 Date: 27-30 August 2025
🔥 Application Deadline: June 10

📎 Registration is open on the website

#ANNOUNCEMENT #youth

🕊🕊🕊

The BRICS Expert Council-Russia team extends congratulations to everyone celebrating Eid Al-Adha! 🤍

This holiday embodies the beautiful values of togetherness, compassion, and generosity. It serves as a reminder to cherish our connections with family and friends, and to extend a helping hand to those around us who may need it.

May your efforts be met with success, your relationships filled with warmth, and your days bright with joy. We hope your life will be filled with kindness, positive energy, and truly special moments.

With sincerity and warmest wishes 🎉

🕊🕊🕊

BRICS countries agree on cooperation in field of sports

The sports ministers of the BRICS countries have signed a memorandum of cooperation in the field of sport. It is expected that this partnership will help reduce social inequality and support economic development in the member countries of the bloc. This is reported by the official website of the Brazilian Chairship in #BRICS.

Brazilian Sports Minister Andre Fufuca emphasised that physical activity unites peoples. He noted the need for investment in protecting the rights of athletes and the exchange of experience between countries.

According to South African Minister of Sport, Arts and Culture, Gayton McKenzie, sport is a factor in social cohesion. He said that in South Africa, this sphere has helped to create a national identity, uniting people regardless of social and racial differences.

#NEWS #Brazil #sport

🕊🕊🕊

Russia took part in the 11th BRICS Parliamentary Forum

Members of the State Duma took part in the 11th BRICS Parliamentary Forum in the capital of Brazil, as it is Brazil’s chairship in 2025. The First Deputy Chairman of the State Duma Alexander Zhukov addressed the participants at the session "BRICS Parliamentary Action in Search of New Paths for Economic Development."

He noted that it would be no exaggeration to call the #BRICS countries the driving forces of the global economy.

"Therefore, we support the call to the parliaments of the BRICS countries to reform the World Bank and the International Monetary Fund. Underrepresentation of developing countries does not allow these organisations to function in the interests of the Global Majority," said Alexander Zhukov.

He noted that It is important to continue our action aimed at increasing the use of national currencies in mutual payments. By the end of 2024, the share of Russia's payments with the BRICS countries in national currencies reached 85%.

"The role of legislators in the implementation of our common goals is huge. The parliaments of the BRICS countries can make a significant contribution to our joint work. The exchange of best practices in legislative regulation, harmonisation of approaches and the creation of the necessary legal framework could provide great support to the collective efforts aimed at strengthening trade and economic cooperation, finding new ways of economic development of our countries", Alexander Zhukov emphasised.

#NEWS #IMF #politics

🕊🕊🕊