NPC ratifies BRICS bank agreement
July 6, 2015 Category Finance, Weekly
The National People’s Congress (NPC) Standing Committee has ratified an agreement on the founding of the BRICS New Development Bank (NDB). The agreement to establish the bank was signed by the bloc’s five members – Brazil, Russia, India, China and South Africa – on July 15, 2014 during the sixth BRICS summit. It will come into effect only when all BRICS countries have deposited instruments of acceptance, ratification or approval. So far, the agreement has been ratified by India and Russia. The NDB will have an initial authorized capital of USD100 billion. The first Chair of the Board of Governors will be nominated by Russia, the first Chair of the Board of Directors by Brazil, and the first President by India. In another development, the BRICS Contingency Fund, initiated by Brazil, Russia, India, China and South Africa, will be operational in 30 days. China is the leading contributor to the USD100 billion fund with USD41 billion, Brazil, Russia and India contributed USD18 billion each, and South Africa USD5 billion. The agreement aims to provide temporary resources to BRICS members facing pressure in their balance of payments.
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