President Vladimir Putin announced this at a session of the International State Council of the Eurasian Economic Community (EurAsEC).
The opening of this new financial institution is planned for the end of 2005. The headquarters of the bank will be located in Almaty, and a branch will also be opened in St. Petersburg.
The bank will work throughout the entire post-Soviet area, but its main task is to provide for the economic activity of EurAsEC.
The bank is also open for shareholders from other countries to joint, above all members of the EurAsEC, the Russian President said.