Siluanov announced the support of all BRICS countries for the creation of an investment mechanism.

All BRICS members supported the creation of a guarantee mechanism to increase investments in the organization's countries. Russian Finance Minister Anton Siluanov told reporters on July 5.

"I can say that a new topic has been added (for discussion. — Ed.). This is the creation of a guarantee mechanism based on the New Development Bank [BRICS]," the minister said during a conversation with reporters following the meeting of the annual meeting of the Board of Governors of the NBR and the meeting of finance ministers and central bank governors of the bloc countries.

According to him, many countries currently have development institutions that guarantee loans for large infrastructure projects. He added that it is planned to provide such guarantees for bank loans in the BRICS space under the auspices of the New Development Bank.

In addition, he clarified that the members of the association also discussed the use of digital financial assets (CFAs) in cross-border settlements. In addition, they agreed to continue this discussion in the future, the minister added.

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On July 4, Siluanov said that within the framework of the BRICS, it is necessary to create their own insurance organizations that could compete with Western companies. According to him, today the main insurance companies are organizations of Western countries, and therefore "additional insurance capacity" should be formed among the participants of the association.