01:42Brazil: Rousseff announces $100 billion reserve for new BRICS Bank
Brazilian President Dilma Rousseff spoke following the signing of treaty sealing the creation of the BRICS Development Bank, in Fortaleza, Brazil on Tuesday. Rousseff said the BRICS Development Bank will have initial authorized capital of $100 billion USD.
She also stated that the first president of the BRICS bank will come from India, the first office will be in South Africa and the headquarters will be set up in Shanghai.
Signed by finance ministers and central bank presidents of the 5 BRICS nations (Brazil, Russia, India, China and South Africa), the treaty is a financial entity dedicated to stimulate the funding of projects from emerging economies.
BRICS leaders Vladimir Putin, Xi Jinping, Dilma Rousseff, Narendra Modi and Jacob Zuma, followed the event that took place in the Ceara Convention Center of Fortaleza, the biggest event venue of this kind in Latin America.
The BRICS Bank will start with a base of 50 Billion USD (37 Billion EUR), provided equally by its five ruling nations, and its main functions are marked as a development bank and an emergency reserve fund.
01:42Brazilian President Dilma Rousseff spoke following the signing of treaty sealing the creation of the BRICS Development Bank, in Fortaleza, Brazil on Tuesday. Rousseff said the BRICS Development Bank will have initial authorized capital of $100 billion USD.
She also stated that the first president of the BRICS bank will come from India, the first office will be in South Africa and the headquarters will be set up in Shanghai.
Signed by finance ministers and central bank presidents of the 5 BRICS nations (Brazil, Russia, India, China and South Africa), the treaty is a financial entity dedicated to stimulate the funding of projects from emerging economies.
BRICS leaders Vladimir Putin, Xi Jinping, Dilma Rousseff, Narendra Modi and Jacob Zuma, followed the event that took place in the Ceara Convention Center of Fortaleza, the biggest event venue of this kind in Latin America.
The BRICS Bank will start with a base of 50 Billion USD (37 Billion EUR), provided equally by its five ruling nations, and its main functions are marked as a development bank and an emergency reserve fund.