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BRICS New Development Bank Aims to Lead Global Innovation Funding

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•Russian Foreign Minister Sergey Lavrov announced the proposal for a new BRICS investment platform on May 15, 2026.
•Prime Minister Mikhail Mishustin stated on the same day that the BRICS New Development Bank could transform into an international 'bank of innovation.'
•The BRICS New Development Bank currently serves Brazil, Russia, India, China, and South Africa by financing development projects.
•The proposed initiatives focus on supporting innovative and infrastructure projects within BRICS member countries.

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▸If Russia's proposal for a new BRICS investment platform is approved by member countries then BRICS nations could see increased coordinated investment in innovation and infrastructure, enhancing economic integration and development.

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RUTASS (EN)Russia proposes creating new BRICS investment platform — Lavrov RUTASS (EN)BRICS New Development Bank could become international ‘bank of innovation’ — PM Mishustin

Russia has proposed establishing a new BRICS investment platform alongside plans for the BRICS New Development Bank to become an international 'bank of innovation.' These initiatives aim to boost financing for innovative projects and infrastructure across BRICS countries, potentially accelerating economic growth and technological cooperation within the group. The proposals reflect efforts to deepen financial collaboration among Brazil, Russia, India, China, and South Africa.