Banks-Bankers

Russia Ratifies $100 Billion ‘BRICS’ New Development Bank

http://rt.com/business/234027-russia-ratifies-brics-bank/

wpid-2322The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF. The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry. Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years. It will have three-tiers of corporate governance, with a Board of Governors, Board of Directors and a President.Read Full Article