UFA (Sputnik) – According to Russian Finance Minister Anton Siluanov, the volume of paid-up capital of the NDB is expected to make $10 billion lodged by member states. The dedicated capital is about $50 billion, while the authorized stock stands at $100 billion.
"The bank … will be able to finance significant projects, including those in Russia. I think it will become a prominent player in this sphere and will play a bigger role than the World Bank, at least for Russia," Andrei Kostin said in an interview with RT television.
The bank has a currency pool of $100 billion. China has pledged to contribute an estimated $41 billion. Russia, India and Brazil will contribute $18 billion each, while South Africa has pledged $5 billion.
The five emerging economies’ central banks signed an operating agreement on the currency reserve pool at the BRICS/SCO summit in the southwest Russian city of Ufa earlier Wednesday.
