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Speaking during President Vladimir Putin's meeting with government members, Finance Minister Anton Siluanov stressed that one of the priorities of Russia's BRICS Presidency is to launch the New Development Bank (NDB) for funding infrastructure and development projects - primarily in BRICS member countries.
"The NDB will serve as one of the largest multilateral development banks. Its authorised share capital will amount to $100 billion and its paid-up stock to $10 billion. Each member-country will have an equal 20-percent share in the bank's capital," the Minister said.
He said that the federal budget for current and subsequent years takes account of expenses on the contributions to the bank. "Our share is $2 billion, but we hope that returned investment will exceed our contribution," Mr. Siluanov said.
The Minister pointed out that a representative of Russia will serve as the first Head of the Board of Governors of the NDB. "We might begin to determine the bank's policy, including its investment line, during our Presidency," he added.
The leaders of BRICS countries instructed their finance ministers to appoint the chair of the New Development Bank and the chair's deputies before the Ufa Summit. In addition, they will elect a board of directors that will continue with the practical issues of the bank's establishment.