Deputy Finance Minister Storchak appointed Director from Russia in BRICS New Development Bank - Government decree

MOSCOW, September 21. /TASS/. Deputy Finance Minister Sergei Storchak was appointed Director from Russia in the BRICS New Development Bank, according to the Government decree published Monday. Director of the Department for International Financial Relations of the Finance Ministry Andrey Bokarev was appointed Deputy Director. The agreement on establishing the BRICS Development Bank was signed on July 15, 2014 in Brazil. It provides for the establishment of the New Development Bank by BRICS member-states to finance infrastructure projects and sustainable development of these and other developing countries. Kundapur Vaman Kamath, the former head of the Indian ICICI bank, has been approved as President of the BRICS New Development Bank. The bank will start operating in April of 2016. The bank’s charter capital will amount initially to $50 bln with further growth to $100 bln. BRICS is an informal association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The group was founded in June 2006 at the St. Petersburg International Economic Forum and was known as BRIC prior to inclusion of South Africa in 2009. Russia is presiding in BRICS in 2015 and is chairing the BRICS Business Council until April 2016. An agreement on establishment of the BRICS New Development Bank to fund infrastructural and sustainable development projects in BRICS member-states and emerging economies was signed at the summit in 2014. Read more