Russian Prime Minister Mishustin said the developing BRICS bank has potential as the organization's share of global GDP grows to 40%.
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Russian Prime Minister Mikhail Mishustin advocated for transforming the BRICS New Development Bank into an international innovation bank. According to the government chief, BRICS's share of global GDP has already reached 40%, which creates a foundation for expanding the functions of the financial institution. Mishustin's proposal is aimed at strengthening the investment capacity of the alliance of developing countries amid the transformation of the global economic order.
Russian Prime Minister Mishustin has proposed transforming the BRICS New Development Bank into an international innovation bank, citing the fact that alliance countries already produce 40% of global GDP. Such a transformation would expand the organization's investment and technological capabilities amid the restructuring of the global economy.
If the proposal is implemented, it would intensify competition with Western financial institutions for financing major projects and could change the terms of access for companies to investments in innovation. For Russian innovative companies, this could open alternative sources of capital unavailable through Western banks.
Mehmet Yılmaz