Chamber of Commerce head: BRICS Bank will be start of new financial infrastructure buildup

Establishment of the BRICS New Development Bank will be the start of new financial infrastructure buildup, head of the Russian Chamber of Commerce and Industry Sergey Katyrin told TASS on Friday.

Establishment of the BRICS New Development Bank will be the start of new financial infrastructure buildup, head of the Russian Chamber of Commerce and Industry Sergey Katyrin told TASS on Friday.

Leaders of BRICS nations are not satisfied with the current work of international financial instruments. "I believe this is the onset of building a new financial infrastructure that will be more democratic, will not be concentrated in hands of one country but will operate on the equal basis with all," Katyrin said.

BRICS Bank along with the Asian Infrastructure Investment Bank established within the Silk Road Economic Belt project framework are "instruments that should significantly influence the global development of financial infrastructure," he added.

First published by TASS.

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