Greece grecia
© REUTERS/Yorgos Karahalis
Greece is open to the possibility of becoming a member of the BRICS group of developing nations as part of the BRICS New Development Bank (NDB), Greek Deputy Defense Minister Kostas Isychos told Sputnik.

In May, Russia invited Greece to become an NDB member, with discussions on Athens' membership in the bank expected to take place at the July 9-10 BRICS summit in the Russian city of Ufa.

"Greece has also been invited to become a BRICS member within the Development Bank of the BRICS. We are still open to that," Isychos, who is also the co-chair of the Russian-Greek Intergovernmental Committee, said.

According to him, Greece has always been in favor of good European-Russian relations and of European-Eurasian relations. Athens is currently in talks over joining the BRICS bank with the group's members.

So we do have a multilateral foreign policy, both in the strict sense of foreign policy, but also in a broader sense of economic external policy," Isychos added.

Five major developing economies — Brazil, Russia, India, China and South Africa — signed an agreement to establish the NDB at a July 2014 summit in Fortaleza, Brazil. BRICS member states agreed to establish a $100-billion liquidity reserve to ensure the bank's financial stability.

The NDB is expected to become an alternative to Western-dominated financial institutions and will focus primarily on funding infrastructure projects.