New Development Banks directors to hold second meeting in late November

The Second Meeting of the Board of Directors of the New Development Bank (NDB) will be held after 20 November, Russian Deputy Finance Minister Sergei Storchak told journalists.

In his opinion, the agenda will feature breakthrough decisions for drafting the bank's internal policies.

The BRICS states will make their first contributions to the bank in early 2016, after which the management will have resources to fund projects.

Russia is due to contribute $2 billion over seven years. During the first year, the Russian Federation will allocate $150 million, gradually increasing the sum to $350 million per annum. Mr Storchak stressed that Russia would have no problem making this contribution, nor would it have difficulty contributing to the Asian Infrastructure Investment Bank (AIIB).