05:49 GMT +323 January 2020
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    2015 BRICS, SCO Summits in Russia's Ufa (73)
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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.

    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.

    2015 BRICS, SCO Summits in Russia's Ufa (73)


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