Vladimir Putin: BRICS development bank was not set up to compete with global financial institutions

Russian President Vladimir Putin stated that the BRICS New Development Bank, whose charter capital amounts to 100 billion USD, will not be competing with international financial organisations, the Indo-Asian News Service (IANS) reported following Mr Putin's meeting with heads of news agencies in St Petersburg.

Vladimir Putin said the bank's goal was to supplement the current global financial structure rather than replace it.

The Russian President stressed that all BRICS countries have good relations with the World Bank (WB) and the International Monetary Fund (IMF).

"They [the WB and the IMF] showed an interest in helping Russia and the [BRICS] countries develop," the IANS quoted Vladimir Putin as saying.

The agreement to set up the BRICS New Development Bank was signed in Brazil in June 2014. It is expected to become a major multilateral development institution for financing infrastructure projects in BRICS states and developing countries.