The BRICS grouping recently signed a cooperation agreement in the field of innovation. Vnesheconombank Chairman Vladimir Dmitriev said the document calls for “financial participation of the development bank in supporting cooperation between our countries in this area.” This mainly involves support for innovative small and medium-sized businesses. According to Dmitriev, a number of areas have already been identified (including pharmacology and biotechnology), in which it is possible to establish joint ventures with the support of development banks. These companies, in turn, will finance promising innovative projects. The amounts of funding have not been disclosed yet.
Image: Russia and other BRICS countries have much to learn from each other. Source: AP
