Representative offices of BRICS Development Bank to be opened not earlier than 2016 - Russian Finance Ministry

MOSCOW, July 22. /TASS/. Representative offices of the BRICS New Development Bank will not be opened earlier than 2016, Director of International Financial Relations Andrey Bokarev told TASS Wednesday. "The first office will be opened in Republic of South Africa soon after the Bank’s operating activity starts, meaning not earlier than the end of this - the beginning of next year," he said, adding that the agreement regarding representative office in Russia remains in force. "After South Africa it will be Brazil’s turn and then ours. This will take around a year and a half for sure. We haven’t yet discussed there exactly the Moscow office will be placed," he added. As TASS reported earlier investment projects for the BRICS New Development Bank will start to be selected by the end of this year. The agreement on establishing BRICS /Brazil, Russia, India, China and South Africa/ New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The bank will have a starting capital of $50 billion and the capital may be later increased to $100 billion. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries. On July 7, finance ministers of BRICS states held a meeting of the managing council of the New Development Bank, which was its virtual launch. Read more