Russia’s presidency in BRICS starts since April 1

Galiya Nabieva

UFA, 1 April 2015. /Bashinform News Agency, Galiya Nabieva/. Since April 1, Russia’s presidency in BRICS (Brazil, Russia, India, China and South Africa) begins. Among the upcoming events - the first official meeting of ministers of natural resources and consultations of deputy foreign ministers in Moscow, according to TASS. The culmination of the events will be a Summit in Ufa on July 9-10.

The Russian Foreign Ministry stressed that under the presidency it was planned to open new tracks of multilateral sectoral cooperation. The main goals are the launch of the New Development Bank and pool of currency reserves. The guide of work in this area will be the strategy of economic partnership until 2020, the plan of which was submitted by Russia at the Summit in Brazil in 2014.

On March 9, the Russian President Vladimir Putin signed a law on ratification of the agreement on the establishment of the New Development Bank being founded by BRICS countries. The agreement was signed on July 15, 2014 in Fortaleza (Brazil). It is expected that the head and the board of directors of the bank will be appointed before the Summit in Ufa.

The BRICS states - the founders of the bank will be granted special rights not given to other members of the bank. In particular, the president of the organization will be elected only on presentation by one of the founder-countries in rotation. Key decisions in the management bodies of the bank will be taken by majority vote of the states-founders. The organization provides three-tier system of corporate governance - the Board of Governors, Board of Directors and the President.

The volume of the bank's stated capital will be $ 100 billion, allocated capital - $ 50 billion, paid-in capital- $ 10 billion (paid upon request - $ 40 billion). The paid-in capital will be formed within seven years. The capital is allocated proportionally among the members of the bank. Russia's share will amount to $ 2 billion.

The agreement will be open to other countries that are members of the United Nations, including developing and developed countries. The company's headquarters will be located in Shanghai, which is obliged to provide an office and all the necessary equipment for its operation.

#brics #presidency #new development bank

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