President Vladimir Putin has signed the bill ratifying the agreement on formation of the New Development Bank by the BRICS nations.
The agreement was signed on July 15, 2014 during BRICS summit meeting in Brazil. The agreement covers formation of the development bank, which will finance infrastructure projects and sustainable development projects in the BRICS countries (Brazil, Russia, India, China and South Africa) and in developing countries, according to the explanatory not attached to the bill.
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