15:24 GMT +322 November 2019
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    Russian Finance Minister Anton Siluanov

    Russian Representative to Be First Chairman of BRICS Bank

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    Russia will hold the first chairmanship of the newly founded BRICS New Development Bank, Russian Finance Minister Anton Siluanov said Wednesday.

    MOSCOW (Sputnik) – The BRICS countries make up about 40 percent of the world's population and command a combined economy of about $16 trillion.

    “I’d like to note that a Russian representative will be the first chairman of the [BRICS] Bank. Within our chairmanship we can begin defining the bank’s policies, including those of investment,” Siluanov said during a government meeting with Russian President Vladimir Putin.

    On Wednesday, Russia took over the chairmanship of the BRICS group of major emerging national economies, from Brazil.

    Earlier in the month, new BRICS Business Council head Sergei Katyrin said that Russia will focus on the launch of the NDB as its chairmanship priority.

    The agreement on the creation of the NDB was signed on July 15, 2014, in Fortaleza, Brazil. The bank's aim is to support infrastructure projects and embrace sustainable development in the BRICS and other countries with developing economies.

    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 BRIC.

    Related:

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    Putin Signs Law on Ratification of BRICS New Development Bank Deal
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    BRICS Development Bank, BRICS, Anton Siluanov, Russia
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