FORTALEZA (Brazil), July 15 (RIA Novosti) - The BRICS major emerging economies signed on Tuesday a much-anticipated agreement on the creation of a global development bank during the first day of summit in Brazil.
The leaders of Brazil, Russia, India, China, and South Africa are meeting in the Brazilian cities of Fortaleza and Brasilia July 15-16 to discuss global issues on cooperation in trade, investment, credit and finances.
The BRICS development bank is widely seen as an alternative to the IMF and the group’s most important project.
The bank is expected to focus on helping emerging economies borrow cash for major infrastructure projects – everything from power stations to ports, roads and telecommunication systems.
"These are important steps toward enhancing global financial architecture," Brazil's President Dilma Rousseff said, adding that the leaders of the five nations have also adopted Fortaleza Declaration and Fortaleza Action Plan that will guide the block till the next summit in 2015.
According to Rousseff, the BRICS bank will be headquartered in Shanghai.
Russian Finance Minister Anton Siluanov, who signed the agreement for Russia, earlier said that the bank will have an authorized stock of $100 billion, dedicated capital [from member-states] of $50 billion, and paid-up capital [which the countries are obliged to deposit within seven years] of $10 billion.
