Russia's Finance Minister Appointed BRICS Bank Supervisor

© Host photo agency / Go to the mediabankMeeting of BRICS Finance Ministers and Central Bank Governors with NDB Board of Governors
Meeting of BRICS Finance Ministers and Central Bank Governors with NDB Board of Governors - Sputnik International
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The Russian government has appointed Russian Finance Minister Anton Siluanov supervisor for Russia at the new Development BRICS Bank, according to a statement published on the official website Wednesday.

MOSCOW (Sputnik) — Heads of major corporations and members of business communities of five BRICS countries — Brazil, Russia, India, China, and South Africa — had a meeting of the group's Business Council earlier on Tuesday within the framework of the BRICS/SCO summits in Ufa, Russia.

The main issues on the agenda were ways to boost business partnership, as well as the launch of the New Development Bank. The parties also agreed on terms of mutual support in pooling foreign currency reserves.

A man walk past a kiosk with Greek flags for sale in central Athens. - Sputnik International
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The NDB was created in July 2014 by agreement between BRICS countries, to mobilize resources for infrastructure and sustainable development projects.

BRICS member-states have also agreed to establish a $100-billion liquidity reserve to ensure the bank's financial stability.

The BRICS summit is underway in the Russian city of Ufa, in parallel to the Shanghai Cooperation Organization (SCO) summit. Both summits will conclude on Friday, July 10.

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