World Economy

BRICS Bank to Open Coffers

BRICS Bank to Open CoffersBRICS Bank to Open Coffers

The $100 billion development bank, funded by BRICS countries, will offer loans to other middle- and low-income countries, Sputnik reported. The BRICS New Development Bank will be operational by the end of 2015, or early 2016, and membership will be open to all members of the United Nations, subject to agreement from the bank’s board of governors, said China’s Vice Finance Minister Shi Yaobin on Friday. In a statement from China’s Finance Ministry, Yaobin announced that the strategic planning for the bank’s opening is underway, and that the bank will hold its first board meeting in Russia in early July, where the governor and deputy governor will be appointed. The establishment of the New Development Bank was agreed at a BRICS summit in Fortaleza in July, in the aftermath of the 2014 World Cup hosted in Brazil, at which the heads of state from Brazil, Russia, India, China, and South Africa signed the BRICS bank charter agreement.