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MOSCOW, Aug 28 The United Arab Emirates plans to invest more capital in the BRICS New Development Bank, UAE Economy Minister Abdullah bin Tuk said in an interview with Bloomberg Al Mari.
«Yes, indeed,» the minister said, answering a question whether the UAE is going to increase capital injections into the BRICS New Development Bank, adding that there is «great potential» for this.
At the same time, the Minister of Economy of the UAE did not specify exactly what terms and figures are in question.
Abdullah bin Tuk Al Mari added that the accession of the country to the BRICS will not harm the UAE's relations with Western countries and will increase trade volumes.
The political decision to create a New Development Bank within the framework of the BRICS was taken in 2013 at a summit in Durban, South Africa. In 2014, at the next summit in the Brazilian city of Fortaleza, an agreement was signed on the bank. The official start of its work was given at the inaugural meeting of the Board of Governors of the bank on July 7, 2015 in Moscow. The main objective of the institute is to finance infrastructure and sustainable development projects in the BRICS member countries and in developing countries.
The next BRICS summit was held in Johannesburg on August 22-24 under the chairmanship of South Africa. It was attended by the leaders of China, India, Brazil and South Africa, Russia was represented by Russian Foreign Minister Sergei Lavrov. Russian President Vladimir Putin participated in the summit via videoconference. During the summit, South African President Cyril Ramaphosa announced the official invitation of Argentina, Egypt, Iran, Ethiopia, the United Arab Emirates and Saudi Arabia to join the BRICS. He said that the full membership of new countries that join the BRICS will begin on January 1, 2024.
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