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First meeting of BRICS Bank Board of Governors may be held on July 7 in Moscow — ministry

The main objective of the bank founded by BRICS member-states is to finance infrastructure and sustainable development projects of these states and other developing countries

BRICS leaders shake hands at a summit in Brazil, 2014 ITAR-TASS/Mikhail Metzel

BRICS leaders shake hands at a summit in Brazil, 2014

© ITAR-TASS/Mikhail Metzel

MOSCOW, June 4. /TASS/. The first meeting of the Board of Governors of BRICS New Development Bank (NDB) may be held on July 7 in Moscow prior to BRICS summit meeting in the Russian city of Ufa on July 8-10, Director of the International Financial Relations Department of the Ministry of Finance Andrey Bokarev said on Thursday.

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The agreement on the establishment of the bank was signed on July 15, 2014 in Fortaleza, Brazil. The main objective of the bank founded by BRICS member-states is to finance infrastructure and sustainable development projects of these states and other developing countries.

"Considering the progress in completing ratification procedures for the New Development Bank, we plan to hold the first meeting of the Board of Governors of the Bank on July 7, where the management of the Bank will be approved," Bokarev said.

The agreement on establishment of the Bank will come into force when all member-nations will complete the ratification procedures.

"Russia and India has already completed the relevant procedures. South Africa and China are to complete this work in June. A notice was received today that both houses of the Brazilian Parliament ratified the agreement and only the signature of the President of the Republic is needed. There are no doubts this will be done in the nearest future," Bokarev said.

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