Russia ratifies agreement to establish new BRICS Development Bank

Russian President Vladimir Putin has signed a law ratifying the agreement on the establishment of the BRICS New Development Bank. The document was published on 9 March on the official legal information website.

The agreement in question was signed on 15 July 2014 at the BRICS Summit in Fortaleza, Brazil and stipulates the establishment of a credit organisaton to finance infrastructure and sustainable development projects in BRICS states and developing countries.