Moscow court turns down Jehovah’s Witnesses bid to fight Justice Ministry’s banWorld April 24, 16:08
Swiss-based CAS upholds four-year ban on Russian marathon runner MayorovaSport April 24, 15:57
One killed, 11 wounded as result of mishandling of weapons at Dagestan schoolWorld April 24, 15:54
Foreign policy chief says EU ready to return to strategic partnership with RussiaWorld April 24, 15:45
Russian diplomat warns about possible false flag near DamascusRussian Politics & Diplomacy April 24, 15:29
Putin's spokesman says Kremlin never had any aversion to MacronRussian Politics & Diplomacy April 24, 15:12
Kremlin stresses efforts must be made to root out corruptionRussian Politics & Diplomacy April 24, 14:44
Moscow expects OPCW to send experts to Syria’s Khan SheikhounRussian Politics & Diplomacy April 24, 14:21
Russian premier believes attaining 2% GDP growth in 2017 viableBusiness & Economy April 24, 14:08
BEIJING, July 1. /TASS/. China has officially ratified an agreement on creating the New Development Bank of BRICS countries (Brazil, Russia, India, China and South Africa).
The decision was approved during Wednesday's session of China's legislature, the Standing Committee of the National People's Congress. The agreement on establishing the bank was reached on July 15, 2014 in Brazil’s Fortaleza.
The bank will have a starting capital of $50 billion and the capital may be later increased to $100 billion. The bank has been set up to finance insfrastructure projects and projects for sustainable development of BRICS and other developing countries.
Functioning of the BRICS New Development Bank will start on July 7 from the meeting of the Board of Governors in Moscow.
The first president of the bank will be a representative of India. A representative of Brazil will become the chairman of the board of directors, and Russian Finance Minister Anton Siluanov will be the chairman of the board of governors.