BRICS Bank opens its regional office in Brazil

BRICS Bank opens its regional office in Brazil

The Brazilian Minister of Foreign Affairs, Aloisio Nunez, and the Chairman of the New Development Bank (NDB) of BRICS, Kundapur Vaman Kamat, signed an agreement on Thursday to open a regional office of the NDB in Brazil.
They signed the document in the presence of the five leaders at the Johannesburg Summit during a ceremony broadcast by local television.
According to the signed agreement, the head structure of the regional office of the NDB is expected to start its work in the city of São Paulo this year. An additional office will also be opened in the Brazilian capital, Brasilia.
The Declaration on the establishment of the NBI was signed at the VI BRICS Summit on July 15, 2014 in Fortaleza (Brazil). The Bank’s authorized capital is $100 billion, distributed capital - $50 billion, paid capital - $10 billion (paid "on demand" - $40 billion). The capital is distributed proportionally among the Bank's participants.

Resource: TASS
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