First projects financed from new BRICS bank to be launched in 2016 - Putin

Financing the development of BRICS projects is expected to begin in 2016, Russian President Vladimir Putin said.

Financing the development of BRICS projects is expected to begin in 2016, Russian President Vladimir Putin said.

"New bank [BRICS Development Bank] - the capital is also $100 billion - will carry out large-scale development projects in the countries of our union. We expect that the first of them will be launched next year," Putin said when speaking at an expanded format meeting of BRICS leaders.

Russia has drafted a road map of investment cooperation, Putin said. "We expect that [our] partners will contribute to expanding it in order to complete work on this document by the end of the year," he said.

Read more: BRICS Development Bank begins operation on eve of Ufa summit>>>

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