China's parliament approves BRICS Development Bank agreementStaff writer ▼ | July 1, 2015
The Standing Committee of the National People's Congress, China's top legislative body, approved the agreement signed in Brazil last year between the five BRICS nations to create a new development bank.
Deal The NDB will have initial authorized capital of $100 billion
The founding agreement was signed by the governments of Brazil, Russia, India, China and South Africa during the sixth BRICS summit, which was held in Brazil in July last year.
The NDB will have initial authorized capital of $100 billion, and initial subscribed capital of $50 billion, to be equally shared among its five members.
The NDB will have a $100 billion Contingency Reserve Arrangement to provide liquidity support to member countries in response to short-term balance of payments problems. ■