The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry.
Russia has agreed to provide $2 billion dollars from the federal budget for the bank over the next seven years.
The bank’s board of directors will hold its first meeting in Ufa in Russia this summer. They will decide on who will be the bank’s chairperson and their deputy.
The decision to establish the BRICS bank, along with a $100 billion in capital, was made in July 2014. Each of the five member countries is expected to allocate an equal share of the $50 billion startup capital that will be expanded to $100 billion.
The bank will be headquartered in Shanghai, India will serve as the first five-year rotating president, and Russia will be the chairman of the representatives.
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