The development bank being created by Brazil, Russia, India, China and South Africa should be in operation before the BRICS summit in July, it has been announced.
Anton Siluanov, the Russian minister of finance, made the announcement at a meeting of finance and banking governors from the BRICS countries in Washington DC on 16 April.
Siluanov will be the chairman of the board of directors of the New Development Bank, which will promote financial and developmental cooperation between the five countries. The bank will be based in Shanghai and have an initial $50 billion in capital and a $100bn reserve fund.
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