China ratifies launch of new BRICS development bank

The Standing Committee of China’s National People’s Congress yesterday ratified the launch of the BRICS development bank. The new organization will initially concentrate on financing  projects in Brazil, Russia, India China and South Africa  with an authorised capital of $50bn. In time, that capital is due to be doubled and the bank’s remit to be extended to the funding of projects in  other emerging economies.  
The bank’s charter will be formerly approved at the BRICS summit that is being held in the Russian city of Ufa on July 7.  The former CEO of India’s ICICI Bank Kundapur Vaman Kamath is to be its first President and Russian Finance Minister Anton Siluanov its Chairman of the Board of Governors. Brazil is to appoint the Chairman Board of Directors. 
Source: KP