The BRICS New Development Bank will be launched at the first session of its Board of Governors in Moscow on 7 July, Russian officials have confirmed.
Russian Deputy Finance Minister Sergei Storchak announced at the St Petersburg International Economic Forum on Friday that the BRICS Bank will be ready for action after the maiden meet of the governors.
The New Development Bank will provide a financing alternative to the World Bank, where the five large emerging markets have sought more clout.
BRICS leaders also announced the establishment of the BRICS Contingent Reserve Arrangement, a 100-billion-dollar fund from which the BRICS member countries will be allowed to draw funds when going through a crisis.
The bank is set to be headquartered in Shanghai. India has already announced the first president of the Bank.