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BRICS Development Bank
27.11.2014 20:18
BRICS Development Bank

The agreement on the establishment of the New BRICS Development Bank was signed at the end of the summit in Fortaleza.

      The Finance Minister Anton Siluanov signed the document on behalf of Russia, as ITAR-TASS reported. As the minister previously said, paid-up capital of the bank will make up 10 billion dollars and may be proportionately distributed among the participants. According to him, the countries agreed that the amount of the authorized capital of the bank will make up $ 100 billion and of the allocated capital - $ 50 billion. Russia’s share is $ 2 billion.

      The Finance Minister said that the specialization of the bank will be ensuring infrastructure projects in the participating countries. At the same time, as he said, the bank is open to new members, countries of the United Nations organization. The minister added that the two countries have agreed that the share of the BRICS members in the capital will not fall below 55 percent. The Bank will engage in infrastructure projects, first of all, on the territory of the BRICS countries.


Author: Anna Dorozhkina

Tags: BRICS Russia international    

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