BRICS Bank Must Be Launched Before July 9, Russian Finance Minister Says

Russian Finance Minister Anton Siluanov says that the BRICS Bank has to be launched prior to the group’s July summit.

WASHINGTON (Sputnik) – The BRICS Bank has to be launched prior to the group’s July summit, Russian Finance Minister Anton Siluanov told journalists.

“We [BRICS member states finance ministers] agreed on the course of work for creation of the BRICS bank. The summit of the leaders of BRICS member states will take place on July 9-10, the bank has to be launched before then,” Siluanov said Thursday.

The New Development Bank, formerly referred to as the BRICS bank, was established June 2014 in Fortaleza, Brazil by the member countries.

The BRICS group of prominent emerging economies was established in 2010, when South Africa joined Brazil, Russia, India and China in what was previously known as the BRIC nations. The BRICS countries make up about 40 percent of the world's population and a combined economy of about $16 trillion.

Russia accepted presidency of the BRICS group, taking over from Brazil earlier this month. Moscow will host a number of events, including a summit in Ufa, scheduled for early July.