MOSCOW, February 4. /TASS/. Russia’s government has submitted to the lower house of parliament a draft federal law on ratifying an agreement on the New Development Bank (NDB), operated by BRICS countries (Brazil, Russia, India, China and South Africa), a decree published on the cabinet’s website said on Wednesday.
The agreement on the multilateral development bank, seen as an alternative to the US-dominated World Bank and International Monetary Fund, was signed in mid-July 2014 at the 6th summit of five major emerging national economies in Fortaleza, Brazil.
The bank’s founding parties will be BRICS countries, which are to be vested with special authority unlike other members. The first president of the bank will be from India and the position will rotate every five years among the BRICS nations.
Full article: Russia moves closer to ratifying agreement on BRICS New Development Bank (ITAR-TASS)