Russian Government Sends BRICS Bank Host Country Agreement To Parliament For Ratification

Russian Government Sends BRICS Bank Host Country Agreement to Parliament for Ratification

Russia's government has submitted the agreement on hosting the Eurasian Regional Centre of BRICS' New Development Bank (NDB) in Moscow to the parliament's lower house for ratification, according to an entry in the parliament's e-repository of documents

MOSCOW (Pakistan Point News / Sputnik - 12th August, 2020) Russia's government has submitted the agreement on hosting the Eurasian Regional Centre of BRICS' New Development Bank (NDB) in Moscow to the parliament's lower house for ratification, according to an entry in the parliament's e-repository of documents.

BRICS is an association of five major emerging economies including Brazil, Russia, India, China and South Africa.

"To ratify the Agreement between the Government of Russia and the New Development Bank on accommodating the NDB Eurasian Regional Centre in Russia, signed in the city of Brasilia on November 13, 2019," the draft legislation reads.

According to the text, the ratification will facilitate the implementation of NDB priority activities in the territory of Russia and, upon expansion of the shareholder's board, other countries of Eurasia.

The BRICS member states agreed to establish the NDB, formerly known as the BRICS Development Bank, at the 2013 summit in South Africa's Durban. The bank was signed into existence during the next summit the following year in Brazil's Fortaleza. Its purpose is to mobilize resources for infrastructure and sustainable development projects within BRICS and in other emerging economies and developing countries.

The bank is open for membership to any member of the United Nations, but the cumulative share of the BRICS nations cannot be less than 55 percent of the voting potential.