The Brics payment systems (BPS) will receive a $7.5 billion injection from the European Union, European Union’s chief financial officer said.EU President Jean-Claude Juncker will also present the EU’s response to the Brics Regional Economic Forum (REDEF), which will be held in the Swiss city of Zurich from 12 to 16 November.

“The European Union has committed to provide funding to the BPS for the next two years,” Mr Juncker said in a statement.

“This is a big step towards bringing together a number of countries, regions and financial markets.”

The Brics has emerged as a regional financial powerhouse and has the potential to become a significant global player, especially as China grows increasingly assertive in the region.

Brics countries have agreed to a new “two-tier” structure to create a system for investment, and have committed to more transparent governance and more transparency in the use of public funds.

The new funding will allow the Bps to scale up to become the most trusted and transparent payment system in the world.

The BPS has already been praised by international financial institutions, with the European Banking Authority describing the system as “the gold standard” for developing countries.

The EU has previously been praised for providing a “significant boost to the region’s development” by giving countries like Brazil a “competitive edge”.

The European Commission is currently looking to expand its BPS funding and said it will provide up to €5 billion to help “expand the scope of BPS, including by introducing new technologies and systems that will help improve the quality of financial transactions”.

“The EU is committed to providing the Brinks project with further support and will continue to work closely with the BRICS countries on the development of the BPD,” the Commission said in its press release.

“In the longer term, the BDP’s development and the Brink’s cooperation are crucial for ensuring that the region has a competitive advantage.”

The European Parliament’s deputy leader said the funding was a “milestone in the development and integration of the BRICs financial systems”.

“This investment in the BPP is a huge step forward, but we need more money to invest in the next BPD to create the world’s most reliable and transparent financial system,” said Mina Gabbay.

“It is time for the EU to take the next step and provide the Brains money for the BRDS, and the Bishops for the BPL.”