Economics

Russia gets chairmanship at BRICS

1 april 2015 | 17:30

Priority – creation of a joint bank. 

БРИКС флаги
Russia has got a one year chairmanship at BRICS
Russia has got a one year chairmanship at BRICS (Brazil, Russia, India, China, South Africa) starting today.

The country succeeds Brazil at the role.

Russia plans a number of events, among which the summit in early July in Ufa will be a key one.

"The main priority for Russia is definitely launching the BRICS's bank. We'll do everything to facilitate this process," – announced the president of the Russian Chamber of Commerce Sergey Katyrin on April 1, who had become the head of the Business Council at BRICS.

Read more: Dilma Rousseff again Brazil's President

The agreement on its establishment was signed in June 2014 in the Brazilian city of Fortaleza. The bank will be one of the largest multilateral development institutions with the stated capital of $ 100 billion. The purpose of its creation is infrastructural projects in BRICS states. It is expected that it will start working by the end of 2015.

Recently, MPs at the Russian State Duma said that Russia supports the establishment of the Parliamentary Assembly of BRICS to counterbalance the Parliamentary Assembly of the Council of Europe (PACE).

Source: RIA-NOVOSTI

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