BRICS bank capital to amount to $10 bln - minister

MOSCOW, July 9 (Itar-Tass) - Paid in capital of BRICS bank will amount to $10 billion and will be distributed in proportional shares among the participants, Russian Finance Minister Anton Siluanov told journalists. The member countries Brazil, Russia, India, China and South Africa had agreed on the authorized capital of $100 billion, dedicated capital of $50 billion and paid in capital of $10 billion. The latter will be formed within seven years; Russia will hold a proportionate $2 billion share. The New Development Bank would specialize in infrastructure projects in the member countries and was open for new participants that are members of the UN, Siluanov added. However, the countries have agreed the BRICS share in the bank’s capital will not be diluted to less than 55 percent. The bank will be governed on the basis of three-level corporate management system - the governing body, board of directors and a president elected every five years in rotation. Other founders will act as vice-presidents. Voting will be held in accordance with the members’ shares in the capital. Decisions would be made by a special majority and should be supported by four of the five states, Siluanov said. The BRICS leaders would pick the city for headquarters out of two options - Shanghai and New Delhi, the Minister said adding Russia did not insist on Moscow. The 6th BRICS summit will take place on Brazilian resort city Fortaleza on July 15-16. Learn more on itar-tass.com