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Vladimir Putin: VEB.RF-Initiated BRICS Principles of Responsible Financing to Ensure Growth in Trade and Investment

17 november 2020 года
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At the BRICS Summit, Russian President Vladimir Putin praised the BRICS development banks for their considerable achievements and the signing of the Memorandum on the Principles of Responsible Financing. “I want to draw attention to the Memorandum on the Principles of Responsible Financing signed yesterday [at the Financial Forum of the BRICS Inter-Bank Cooperation Mechanism and the New Development Bank],” Vladimir Putin said at the BRICS Summit. “I believe the Memorandum will help to implement joint projects and ensure that mutual trade and investment will grow.”

Apart from the Russian President, the Memorandum was also supported by all the BRICS leaders signing the XII BRICS Summit Moscow Declaration. “We also welcome the activities of the BRICS Inter-Bank Cooperation Mechanism, including the progress in developing the principles for the BRICS development institutions’ responsible financing and efficient green finance mechanisms,” the Moscow Declaration states.

As Chairman of the BRICS Inter-Bank Cooperation Mechanism this year, VEB.RF Chairman Igor Shuvalov pointed out that “the main result of the work of the BRICS Inter-Bank Cooperation Mechanism in 2020 is the adoption of eight principles of responsible financing based on World Bank, UN and OECD best practices” “They include commitments to integrate into project assessment the analysis of environmental, social and economic impacts on local communities; promote inclusive and sustainable economic models in BRICS; give more consideration to human rights, the Paris Agreement and best practices of corporate governance in projects; achieve the maximum transparency of projects while protecting customers’ confidentiality and proprietary information,” Igor Shuvalov said.

“The pandemic made the banks take on a special role this year,” he said. “During the crisis, their help really rescued numerous businesses in BRICS. As estimated by VEB.RF’s Institute, VEB.RF accounted for 23.5% of Russia’s total governmental rescue packages. As a result, almost 5 million people didn’t lose jobs in small and medium-sized enterprises alone. And their families kept their standards of living.”

Igor Shuvalov told the audience in detail about this year’s BRICS ICM agenda. The important areas were green and sustainable financing within BRICS, public-private partnership projects, investment in human capital. However, cooperation in recovering from the repercussions of the pandemic was undoubtedly of crucial importance in 2020.

He singled out investing in human capital and improving standards of living in the member countries as the most promising strategy for the BRICS development banks. According to Igor Shuvalov, VEB.RF “plans to achieve this in Russia by providing financing for the urban economy, infrastructure, and the renewal of old industrial centres and public transport systems.” Similar programmes are also carried out by other banks of the BRICS member countries.

The BRICS Summit attended via videoconferencing by the five heads of state and the heads of BRICS-associated institutions and associations, ended the year of Russia’s presidency. As stated by Vladimir Putin in his opening remarks, more than 130 events were held despite the pandemic. In addition to the Moscow Declaration, the parties adopted the BRICS Counter-Terrorism Strategy and the Strategy for BRICS Economic Partnership 2025.


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