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BRICS New Development Bank to pay special attention to Africa — Lavrov

The bank’s starting capital was set at $100 bln

MOSCOW, March 15. /TASS/. The BRICS New Development Bank will pay particular attention to the African continent, Russian Foreign Minister Sergey Lavrov said on Thursday.

"The New Development Bank is just starting its operation but it will soon work in full swing," Lavrov said. "Projects discussed at the initial stage pertain only to the territory of five BRICS countries. Potential projects outside BRICS is the next stage. However, special attention will be clearly paid to the African continent because an office of the BRICS New Development Bank will be situated in South Africa," he said.

The agreement on establishing the BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.