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BRICS’ New Development Bank Will Start Operation in July

April 16, 2015 (EIRNS)—RIA Novosti reported today citing Vice President of the Chamber of Commerce and Industry of the Russian Federation, Dmitry Kurochkin, telling reporters at the Ministry of Internal Affairs press conference on April 15 that the BRICS-proposed New Development Bank (NDB) will start operation in July. Russia has fulfilled its part of the work required to create the New Development Bank of the BRICS. It is assumed that the entire formation process of this new institution will be completed by the group’s summer summit this July in the Russian city of Ufa, Kurochkin said.

Pointing out that India is the other country that has ratified the bank, Kurochkin said:

"Before the bank can start operating, practically all member states must first ratify the agreement. As for Russia, the State Duma ratified the agreement on the establishment of the New Development Bank this February, and the corresponding law on the ratification of the Agreement on the New Development Bank was signed by the Russian President on March 9, so we have, in principle, done all that was needed on our part."

The final agreement on the establishment of the NDB was signed by the BRICS heads of state and government at the Brazilian city of Fortaleza last June, where the BRICS Summit was held. The bank will become a major multilateral development institution with announced capital of $100 billion. It is being created to finance infrastructure projects in the BRICS countries as well as developing countries.