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Both the Bank and a $100 billion contingency reserve fund for the BRICS nations will be launched during the Brazil Summit on 15-16 July.
More and more countries see the potential of this association, said the Russian President.
Held at the home of the late former PM Edward Heath, it traces the history of rapprochement with Beijing.
Russia, Putin said, will continue “to train employees for the special services and security forces” of the CIS.
The government has boosted defence spending by 12 per cent in 2014-15.
The five founding members of the new Bank will retain controlling interest should any new members be admitted.
The Russian Foreign Minister said Moscow is ready to discuss the issue of foreign investment with those interested in Crimea.
Amid heightened tensions with the West, the BRICS are looking to flex their economic and political muscle, writes Mark.
The decision on the location of the BRICS Bank will not depend on financial muscle, says South Africa.
Ghani agreed late on Tuesday to the auditing of more than 7,000 polling stations - some three million of the cast votes.
