The New Development Bank of BRICS can finance first projects be the end of 2015, Russian Finance Minister Anton Siluanov has informed today, on June 7.
He also notes that Kundapur Vaman Kamath, 68, non-executive chairman of ICICI Bank, the biggest private bank in India, was approved as president of the BRICS Bank.
The New Development Bank shall have an initial subscribed capital of US$ 50 billion and an initial authorized capital of US$ 100 billion. The initial subscribed capital shall be equally distributed amongst the founding members. The subscribed capital stock shall be divided into paid-in shares and callable shares. Shares having an aggregate par value of US$10 bn shall be paid-in shares, and shares having an aggregate par value of US$40 bn shall be callable shares.