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New Development Bank For BRICS Countries
15.07.2014 09:11
New Development Bank For BRICS Countries

BRICS countries intend to create the New Development Bank.

      On July 14-16 during the Brazil summit, leaders of the BRICS (Brazil, Russia, India, China and South Africa) will sign an agreement on the creation of a new development bank with a registered capital of up to $ 100 billion, Russian Finance Minister Anton Siluanov told the reporters.

      A proposal for the establishment of their own international development institution for emerging economies was first brought forward at the BRICS summit in South Africa two years ago. The stumbling block was the question of the allocation of shares in the capital. "There are no questions regarding capital. Three points were coordinated: 100 billion dollars of authorized capital; 50 billion dollars of allocated (between member countries); 10 billion dollars of paid capital (countries pledge to pay out within seven years)," the minister said, adding that, if necessary, paid capital may be increased at the request by $ 40 billion. According to Mr. Siluanov, the capital will be distributed among the member states in equal shares: i.e. in the first year, each country will contribute $ 2 billion.

      "The bank is open to new members from among the United Nations members. The agreement provides that the share of the BRICS will not fall below 55%. That is, in any case the control remains after BRICS," the head of the Ministry of Finance said. The bank may start operating next year, if all participants will have time to ratify the necessary documents and to provide the necessary funds from the budgets. It is assumed that the bank will fund infrastructure projects of the member countries.

Author: Anna Dorozhkina

Tags: BRICS     

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