Update on BRICS New Development Bank - CNBC Africa

Update on BRICS New Development Bank


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BRICS have signed an Agreement in relation to the functioning of their New Development Bank. PHOTO: BRICS6

Firstly, ministers from the BRICS countries agreed that the rotation of presidents of the bank will be from India, Brazil, Russia, South Africa and then China. The bank’s staff will be appointed on the principle of merit according to requirements established by the board of directors.

(READ MORE: Shanghai most likely headquarters for BRICS Development Bank)

The establishment of the first regional office will be in Johannesburg, launched concurrently with the headquarters while the second regional office will be in Brazil.

Subsequent regional offices may be established as needed in Russia and India.

Also, a special fund will be created within the bank by all founding members with China being the largest contributor. The fund’s purpose is help with project preparations and implementation. 

(WATCH VIDEO: BRICS to open new bank)