Turkey may become member of BRICS bank

DAILY SABAH
ISTANBUL
Published 27.04.2017 18:48

Noting that membership is required in order to benefit from the projects of the development bank established by the BRICS (Brazil, Russia, India, China and South Africa) countries, Deputy Prime Minister Mehmet Şimşek said they are seriously considering becoming a member of the bank.

Turkey is considering joining the New Development Bank (NBD), established by the BRICS countries, in 2014. Speaking at the 32nd Ordinary General Assembly Meeting of the Turkish Contractors Association (TMB) Şimşek said: "Membership is required in order to benefit from the projects they will provide. We are seriously considering becoming a member right now just for that."

The deputy prime minister said it is easier to do business in countries where the law works properly, but also where the profit margins are not as high as other countries. Pointing out that they will also focus on newly emerging countries and Africa in this sense, Şimşek highlighted that the reason why they brought up the issue of membership to the African Development Bank and the African Development Fund in 2007 was to benefit from those resources.

Explaining that there is a new development bank established by the BRICS countries, Şimşek stressed that membership is required in order to benefit from the projects they will provide. Recalling that they also became a member of an infrastructure bank whose establishment was completed last year under China's leadership, Şimşek said, "Our goal is to make it easier for you to go and participate in projects financed by investment, development banks and infrastructure funds and to provide financing when you undertake a project there."

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