BEIJING, July 1. /TASS/. China has officially ratified an agreement on creating the New Development Bank of BRICS countries (Brazil, Russia, India, China and South Africa).
The decision was approved during Wednesday's session of China's legislature, the Standing Committee of the National People's Congress. The agreement on establishing the bank was reached on July 15, 2014 in Brazil’s Fortaleza.
The bank will have a starting capital of $50 billion and the capital may be later increased to $100 billion. The bank has been set up to finance insfrastructure projects and projects for sustainable development of BRICS and other developing countries.
Functioning of the BRICS New Development Bank will start on July 7 from the meeting of the Board of Governors in Moscow.
The first president of the bank will be a representative of India. A representative of Brazil will become the chairman of the board of directors, and Russian Finance Minister Anton Siluanov will be the chairman of the board of governors.