The agreement on the creation of the New Development Bank (NDB) was signed on July, 15, 2014 in Fortaleza, Brazil by BRICS members – Brazil, Russia, India, China and South Africa during the BRICS summit.
The State Duma, Russia's lower house of parliament, will vote Friday on the draft law implementing the agreement.
Russia is the first BRICS member to ratify the agreement. The Deputy Minister added that he expected the agreement to be ratified by all BRICS members before the BRICS summit in the Russian city of Ufa in July 2015.
The Bank's aim is to support infrastructure projects and embrace sustainable development in the BRICS and other countries with developing economies. The Bank's headquarters will be located in Shanghai.
The Bank's members agreed that the initial capital would be $50 billion, while in the future it could be increased to $100 billion. The initial capital is to be equally distributed among the founding members.
In 2015, Russia will add $150 million to the Bank's capital.