Putin signs law on ratification of $100 billion BRICS New Development Bank deal
Published time: March 09, 2015 14:30
Russian President Vladimir Putin has signed a law ratifying the deal establishing the BRICS New Development Bank (NDB), according to a document published on Monday on Russia’s official website for legal information.
The BRICS New Development Bank (NDB) was set up to challenge two major Western-led giants – the World Bank and the International Monetary Fund. NDB’s key role will be to serve as a pool of currency for infrastructure projects within a group of five countries with major emerging national economies – Russia, Brazil, India, China and South Africa.
According to the Russian Finance Ministry, the New Development Bank is expected to start functioning fully by the end of the year, with the headquarters slated for opening in Shanghai. The chairmanship, with a term of five…
View original post 211 woorden meer