Putin Signs Law on Ratification of BRICS New Development Bank Deal

The BRICS bank was established as an alternative to the World Bank and the International Monetary Fund.

MOSCOW (Sputnik) — Russian President Vladimir Putin has signed a law ratifying the deal establishing the BRICS New Development Bank (NDB), according to a document published on Russia's official website for legal information on Monday.

BRICS is a group comprising five countries with major emerging national economies — Brazil, Russia, India, China and South Africa.

BRICS leaders agreed to create the NDB to prompt the development of financial cooperation between the five member countries in 2013

The NDB is expected to become one of the most important institutions of its kind in the world with a stated capital of $100 billion.

The lower chamber of the Russian parliament, the State Duma, ratified the agreement on the NDB establishment on February 20. State Duma Speaker Sergei Naryshkin stated that the bank would fund major infrastructure and innovative projects all over the world.