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      ECNS Wire

      China welcomes Kamath to join BRICS bank

      1
      2015-05-15 16:41Ecns.cn Editor: Wang Fan

      金磚銀行總部將落戶浦東世博園區(qū) 今年底或啟動(dòng)運(yùn)營

      據(jù)財(cái)政部網(wǎng)站消息,財(cái)政部副部長史耀斌今日就金磚銀行籌建有關(guān)情況答記者問。史耀斌表示,根據(jù)金磚銀行章程協(xié)議,金磚銀行的成員資格向聯(lián)合國成員開放。新成員加入金磚銀行需由銀行的最高權(quán)力機(jī)構(gòu)即銀行的理事會(huì)批準(zhǔn)。

      (ECNS) - China welcomes Indian banker K.V. Kamath to take over as the first president of the $100 billion BRICS bank and wishes for his quick move to Shanghai for the bank's preparation work.

      The BRICS bank, known as New Development Bank (NDB), is promoted by the five major emerging global economies - Brazil, Russia, India, China and South Africa. The bank's headquarters is located at the site of the 2010 World Expo in Pudong of China's economic powerhouse of Shanghai.

      In addition to its founding members, NDB also welcomes new members from the UN in the future, says Shi Yaobin, China's vice Minister of Finance.

      India, Brazil, Russia, South Africa and China will take turns to nominate the bank's president, who serves a six-year term. China also nominated Zhu Xian as vice president.

      The two will be formally introduced in the first meeting of the bank's Board of Directors in July in Russia. BRICS bank is expected to initiate operation in late 2015 or early 2016.

      The bank's establishment is a milestone for BRICS countries' economic collaboration, says Shi. It has profound implications for infrastructure and sustainability in new markets and developing countries.

      BRICS bank and Asia Infrastructure Investment Bank are complimentary to each other, says Shi.

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