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Progress made in creating BRICS-led development bank: S. Africa minister

Xinhua, May 8, 2015 Adjust font size:

Good progress has been made in creating a new development bank led by the BRICS nations -- Brazil, Russia, India, China and South Africa, South Africa's finance minister has said.

This month the bank will announce its pre-management group comprising a president for the bank who is from India and four vice-presidents from the other BRICS member countries, Nhlanhla Nene said in a speech to parliament on Friday.

An interim board of trustees has been appointed to oversee the operationalization of the New Development Bank (NDB), he added.

During a BRICS summit held in Fortaleza, Brazil, last July, the member states signed agreements to establish the development bank and a contingent reserve arrangement.

Nene said he had presented the agreements to parliament, and once they are ratified, South Africa will be able to participate fully in these new initiatives.

"I hope that parliament can ratify the agreements before the end of May, and that the bank will be ready for business in time of the BRICS summit to take place in Russia in July," he said.

The NDB, to be headquartered in Shanghai, will have an initial authorized capital of 100 billion U.S. dollars, and its initial subscribed capital of 50 billion dollars will be equally shared among founding members, according to the Fortaleza Declaration.

As agreed by BRICS leaders, an African regional center of the NDB will be set up in South Africa. Endi