Sergei Storchak: BRICS Bank to be launched on 7 July

Russian Deputy Finance Minister Sergei Storchak said at the St Petersburg International Economic Forum that the BRICS New Development Bank will be launched at the first session of its Board of Governors in Moscow on 7 July.

The agreement on the New Development Bank was signed at the 6th BRICS Summit in Brazil in July 2014. The bank was established to fund infrastructure and sustainable development projects in the BRICS countries and developing nations.

Russian Finance Minister Anton Siluanov will be the first chairman of the Bank's Board of Governors.