"We believe that a decision on the launch of financing the first project will be made by the end of the year. We have set this goal before us, but of course no one can give a 100-percent guarantee that this will be accomplished," Storchak said.
BRICS is a group of emerging economies comprising Russia, Brazil, India, China, and South Africa. The BRICS countries have economies of around $13.6 trillion in total.
The next BRICS summit is scheduled to take place in July in the southern Russian city of Ufa.