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“We have three positions: authorised stock - $100 billion, dedicated capital - $50 billion and paid-up capital - $10 billion,” he said, noting that “We agreed that paid-up capital will be formed within seven years.”
“Russia’s share is $2 billion, so, the capital is divided proportionally among all participants in the bank,” the minister added.
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%
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.