BRICS moves forward with creation of financial guarantee mechanism to support sustainable development
RIO DE JANEIRO (WAM)The BRICS technical finance meeting — bringing together deputy ministers and central bank representatives — concluded with a strong indication of a new agreement among BRICS countries to create a multilateral financial guarantee mechanism. The initiative aims to support sustainable development projects, including energy transition, the expansion of renewable energy, and the strengthening of resilient infrastructure, BRICS Portal reported.'We held a joint session on COP30 climate financing to review the agenda developed over the past six months. We've prepared a technical report to help align the positions of finance ministries and central banks, with the goal of contributing to the Leaders' Declaration,' explained Tatiana Rosito, Secretary for International Affairs at the Ministry of Finance in Brazil.This agenda outlines specific instruments, such as BRICS guarantees designed to drive investment in climate-related initiatives—ranging from resilient infrastructure and nature-based solutions to adaptation and the energy transition,' Rosito added.
She explained that the mechanism is designed to increase the availability of resources for BRICS countries and reduce capital costs by lowering financial risk. The model functions similarly to the World Bank's Multilateral Investment Guarantee Agency (MIGA), which provides credit guarantees to spur investment in developing countries.
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