Syrian talks in Astana successful - Turkish top diplomatWorld January 25, 2:39
Russia’s Shumakov center boasts record number of heart transplantations in 2016Society & Culture January 25, 0:48
EU-Moldova association deal may be scrapped if people say so — presidentWorld January 24, 23:10
NATO experts arrive in Moldova to assist in developing military strategyWorld January 24, 21:13
FIA F1 top management reshuffle unlikely to affect Russia’s Sochi GP — expertSport January 24, 20:42
Russia hopes for constructive work with Trump's administration at G20Business & Economy January 24, 20:29
Everything you need to know about Oscars 2017 nominationsSociety & Culture January 24, 19:57
Konchalovsky glad his film Paradise is absent from list of Oscar nomineesSociety & Culture January 24, 18:55
Russian meteorology service reports 2016 is record warm year in ArcticBusiness & Economy January 24, 18:22
DURBAN, March 26 (Itar-Tass) – Five BRICS states agreed to establish the BRICS Development Bank, South African Finance Minister Pravin Gordhan said here on Tuesday. This is done, he said in reply to a journalist’s question over a possible creation of a common financial institution by Brazil, Russia, India, China and South Africa.
The heads of five BRICS states will take a final decision to establish the BRICS Development Bank upon the results of the reports, which will be submitted to them by the Finance Ministries of their countries with the economic feasibility study of the expediency and a future role of this mechanism in the world financial system.
Deputy Chairman of the Gazprombank Board Oleg Vaksman, who is participating in the BRICS Business Forum, told Itar-Tass before that “this should not be one more commercial bank.” “I am interested in the system of taking investment decisions and the Russian weight in the bank,” he said. The authorized capital of the BRICS Development Bank is expected to be no less than 50 billion dollars, however, it is unclear yet how the shares will be divided between its participants.
Vaksman supports the idea of the BRICS Development Bank, but noted that the bureaucracy should be minimized “so that the money will not turn out to be frozen.” The decision on credits should be made quickly, the payback period should be 15-20 years. “The sense, but not the form is the most important thing,” he underlined.