Russian Ministry of Finance: First meeting of BRICS New Development Bank Board of Governors to take place on 7 July

The first meeting of the BRICS New Development Bank Board of Governors may take place in Moscow on 7 July, on the eve of the Ufa Summit, said Andrei Bokarev, Director of the Department of International Financial Relations at the Russian Ministry of Finance.

The establishment of the New Development Bank was agreed to at a BRICS summit in Fortaleza, Brazil on July 15, 2014. The bank's main objective is to finance infrastructure and sustainable economic development projects in the member states and in developing countries. The agreement on establishing the New Development Bank will come into force when all participating countries finish the ratification process.

"With regard to the progress achieved in ratifying the agreement to establish the New Development Bank, we plan to hold the first meeting of the bank's Board of Governors on 7 July in Moscow, where the bank's management will be approved," Mr Bokarev said.

As of today, Russia and India have both ratified the agreement; South Africa and China will finish the process in June. In Brazil, both parliamentary chambers have already ratified the agreement, which is to be signed by the president.

As agreed last year, the first president of the bank will be a representative from India.

"Two weeks ago our Indian colleagues suggested their nominee for this position. Other countries will nominate candidates for the vice-president positions," Mr Bokarev said. The Russian candidate for vice-president is Vladimir Kazbekov, Director of the Department of External Relations at Vnesheconombank.