BRICS members agree to back NDB in expanding local currency financing — declaration

KAZAN, Russia, Oct. 24 (Xinhua) — The BRICS countries agreed on Wednesday to support the New Development Bank (NDB) in implementing its general strategy for 2022-2026 and in expanding local currency financing.
In a declaration issued at the 16th BRICS Summit, they also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.
The BRICS countries are also encouraged to strengthen financial cooperation and promote local currency settlement, according to the declaration. ■