Russia’s government has submitted to the lower house of parliament a draft federal law on ratifying an agreement on the New Development Bank (NDB), operated by BRICS countries (Brazil, Russia, India, China and South Africa), a decree published on the cabinet’s website said on Wednesday.

"The agreement envisages the creation of a multilateral financial institution - the New Development Bank that will finance infrastructure projects and projects of sustainable development in BRICS countries and developing countries," a briefing note says