The BRICS currency reserve pool agreement envisages “the establishment of the mechanism of eliminating current and short-term problems in the balances of payments of the BRICS member states - Brazil, India, China, Russia and South Africa.”
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The Agreement on establishing a new BRICS Development Bank was also approved of by the Russian government, with the document stipulating “the creation of a multilateral financial institution".
The Development Bank aims to “finance infrastructure projects and sustainable development undertakings in the BRICS member states and developing countries.”