File Photo: Finance Minister Arun Jaitley
Finance Minister Arun Jaitley will participate in the inaugural meeting of the board of governors of the BRICS Development Bank on July 7 in Moscow. On July 8, Mr Jaitley will be participating in the meeting of BRICS finance ministers and central bank governors in the Russian city of Ufa. The BRICS Bank has been set up to foster greater financial and development cooperation among the five emerging countries - Brazil, Russia, India, China and South Africa.
Here is a 10-point cheat-sheet on BRICS Bank
1) BRICS Development Bank is a multilateral development bank operated by the BRICS countries.
2) The bank has been set up as an alternative to other global development institutions like World Bank and International Monetary Fund, which are still dominated by Western powers.
3) Veteran Indian banker KV Kamath has been appointed as the first head of the BRICS Bank. Mr Kamath will have a 5-year term.
4) BRICS Development Bank will be headquartered in Shanghai, China.
5) Leaders of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.
6) The bank will have initial authorised capital of $100 billion, and its initial subscribed capital of $50 billion dollars will be equally shared among the founding members.
7) The voting power of each member shall equal its subscribed shares in the capital stock of the Bank.
8) China has pledged to contribute a total of $41 billion to the bank. This will give it the largest voting right at 39.5 per cent.
9) But none of the BRICS countries will have the veto power.
10) The BRICS nations account for nearly $16 trillion in GDP and 40 per cent of the world's population. India is hoping to get more funds for infrastructure development from BRICS Bank. (With Agency Inputs)
Here is a 10-point cheat-sheet on BRICS Bank
1) BRICS Development Bank is a multilateral development bank operated by the BRICS countries.
2) The bank has been set up as an alternative to other global development institutions like World Bank and International Monetary Fund, which are still dominated by Western powers.
3) Veteran Indian banker KV Kamath has been appointed as the first head of the BRICS Bank. Mr Kamath will have a 5-year term.
4) BRICS Development Bank will be headquartered in Shanghai, China.
5) Leaders of Brazil, Russia, India, China and South Africa (BRICS) had last year reached an agreement to establish the bank, with its headquarters in Shanghai. As per the agreement, India got the right to nominate the first president.
6) The bank will have initial authorised capital of $100 billion, and its initial subscribed capital of $50 billion dollars will be equally shared among the founding members.
7) The voting power of each member shall equal its subscribed shares in the capital stock of the Bank.
8) China has pledged to contribute a total of $41 billion to the bank. This will give it the largest voting right at 39.5 per cent.
9) But none of the BRICS countries will have the veto power.
10) The BRICS nations account for nearly $16 trillion in GDP and 40 per cent of the world's population. India is hoping to get more funds for infrastructure development from BRICS Bank. (With Agency Inputs)
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