BRICS member states have taken emergency steps in order to support national industries, finance and welfare in response to the global coronavirus pandemic, Russian President Vladimir Putin said on Tuesday.

Putin opened the 12th annual BRICS Summit which is chaired and held as a video conference by Russia this year. The summit was attended virtually by the heads of state of the five member countries: Brazil, Russia, India, China, and South Africa.

Russian President Vladimir Putin takes part in the XII BRICS Summit via videoconference on November 17, 2020 ©

According to the Russian president, BRICS nations are currently focused on restoring “our economies, bringing them back on a sustainable growth track.” This is what the BRICS strategic partnership 2020 summit aims for, Putin explained.

He added that “In this context, the work of the New Development Bank (NDB) is most relevant.”

The bank has reserved $10 billion to combat the pandemic and its total investment portfolio currently exceeds $20 billion. The member-nations have been implementing 62 projects, Putin said.

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BRICS New Development Bank to open regional office in Moscow in early 2020

The Russian president noted that in the near future a regional office of the NDB will be opened in Moscow to extend lending across the Eurasian area. He also praised the BRICS Interbank Cooperation Mechanism that, this year, had coordinated rules and principles for responsible financing.

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