![Russia ratifies $100bn BRICS New Development Bank Russia ratifies $100bn BRICS New Development Bank](https://mtic.us/wp-content/uploads/2015/02/russia-ratifies-brics-bank.si_-310x168.jpg)
The Russian State Duma has ratified the $100 billion BRICS bank thatâll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.
The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.