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Russia to make simpler transactions execution for AIIB, BRICS Bank - PM Medvedev

1 September 2016

MOSCOW, September 1. /TASS/. Russia will simplify execution of transactions for the Asian Infrastructure Investment Bank (AIIB) and BRICS New Development Bank, Prime Minister Dmitry Medvedev said on Thursday.

This measure is introduced for "these two new institutions to develop and perform operations in our country," Medvedev said. The agreement on establishing BRICS New Development Bank was reached on July 15, 2014 in Brazil’s Fortaleza. The Shanghai-headquartered bank has been set up to finance infrastructure projects and projects for sustainable development of BRICS and other developing countries.

The Asian Infrastructure Investment Bank was founded on the basis of the multilateral agreement of 57 nations.

TASS Newswire