BRISBANE, November 15 (Sputnik) — The BRICS leaders have asked their respective finance ministers to designate the president and the vice-president of the New Development Bank (NDB), a media note issued Saturday following the informal meeting of the BRICS leaders said.
"They [the BRICS leaders] asked their Finance Ministers to designate the President and the Vice-Presidents of the NDB well in advance of the next BRICS Summit in Russia. The Leaders also announced the setting up of an Interim Board of Directors that will lead the next phase establishing NDB," the note said.
The BRICS leaders also discussed the Contingent Reserve Arrangement (CRA).
"The Leaders asked their Finance Ministers and Central Bank Governors to ensure that, by the next BRICS Summit, the CRA Working Group concludes the procedural rules and operational guidelines of the Governing Council and the Standing Committee of the CRA," the note added.
The leaders also exchanged views on the main issues to be discussed during the G20 summit, including growth and job creation, investment, infrastructure development, trade, energy issues, etc.
In July, during a BRICS summit, the members of the group signed a deal on the establishment of the New Development Bank (NDB) and the Contingency Reserve Agreement (CRA), which are intended to help emerging economies borrow funds for infrastructure projects. The bank may become an alternative to western-oriented international financial institutions.
The BRICS group, which comprises Brazil, Russia, India, China and South Africa, convened an informal meeting Saturday in Brisbane, Australia, within the framework of the G20 summit that is currently underway in Brisbane, Australia. The next BRICS summit is scheduled to be held in the Russian city of Ufa on July 8-9, 2015.
