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Paid-up capital of BRICS Bank to make $10 billion

July 09, 2014, 11:32 UTC+3 MOSCOW
“Russia’s share is $2 billion, so, the capital is divided proportionally among all participants in the bank,” Russian Finance Minister Anton Siluanov says
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© ITAR-TASS/Anton Novoderezhkin

MOSCOW, July 09./ITAR-TASS/. Paid-up capital of the BRICS Bank will make $10 billion and will be divided proportionally among its participants, Russian Finance Minister Anton Siluanov told reporters.

“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 bank will be governed on the basis of three-level corporate management system - the governing body, board of directors and a president elected every five years in rotation. Other founders will act as vice-presidents. Voting will be held in accordance with the members’ shares in the capital. Decisions would be made by a special majority and should be supported by four of the five states, Siluanov said.

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.

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