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24 June, Saturday

Ufa   °

Chairman of the BRICS Bank will be appointed in Ufa

Business

UFA, 25 February 2015. /Bashinform News Agency, Arthur Basyrov/.

In Ufa at the BRICS Summit candidates for the positions of the Chairman and Deputy Chairman of the Development Bank of states-members of the organization will be defined. This was reported by RIA Novosti.

Today, on February 25, the Federation Council ratified an agreement to establish a Development Bank of the BRICS countries. The agreement on its establishment was signed in June 2014 in the Brazilian city of Fortaleza. The capital of the bank will total $ 100 billion. It is created to finance infrastructure projects in the BRICS countries and developing countries.

According to the agency, funds for inclusion in the capital of the bank are already allocated by the law on the budget of the Russian Federation for 2015. It is expected that Russia will contribute to the capital of the organization two billion dollars for seven years.

Recall that the International BRICS Summit will be held in Ufa from July 8 to 10.

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