MOSCOW (Sputnik) — Russia will contribute $18 billion to the pool.
#Lavrov: #Russia will host #SCO and #BRICS organisations’ summits in early July. We have discussed preparations today @BRICS2015
— MFA Russia (@mfa_russia) April 7, 2015
"The bill will be introduced in the Russian State Duma [lower house of parliament] for ratification," the statement said.
World Bank President Jim Yong Kim welcomes China-led #AIIB & New Development Bank by the #BRICS countries.https://t.co/40piT1YNda
— CCTVNEWS (@cctvnews) April 8, 2015
BRICS is an informal interstate association of Russia, Brazil, India, China and South Africa, accounting for 14.6 percent of the world's GDP.
On July 15, 2014, the member countries signed an agreement to establish the $100-billion BRICS New Development Bank and a reserve currency pool worth another $100 billion.
#Lavrov: Documents and draft resolutions aimed at boosting #SCO and #BRICS influence and elevating them to new levels are in the works
— MFA Russia (@mfa_russia) April 7, 2015
Russia will contribute $18 billion to the pool, along with India and Brazil. China is expected to contribute the largest share at $41 billion, with South Africa chipping in the remaining $5 billion.
The New Development Bank is envisioned to become one of the largest multilateral development institutions in the world with an independent lending policy from its headquarters in Shanghai.
