Russia's Finance Minister to become the first Chairman of the Board of Governors of the BRICS Bank

The first Chairman of the Board of Governors of the BRICS bank will be Russia's Finance Minister Anton Siluanov. This was reported by Deputy Finance Minister Sergei Storchak on TV channel Russia 24.

The first Chairman of the Board of Governors of the BRICS bank will be Russia's Finance Minister Anton Siluanov. This was reported by Deputy Finance Minister Sergei Storchak on TV channel Russia 24.

«Upon completion of all organizational procedures our minister Anton Siluanov will become the first Chairman of the Board of Governors of the BRICS Bank,» - he said.

According to the agreement on the establishment of the BRICS bank, it will be governed on the basis of three-level corporate management system. Supreme collegial body - the Board of Governors, executive body - the Board of Directors and the President of the bank elected every five years in rotation upon recommendation of the founders.

According to the agreement on the establishment of the bank, the first Chairman of the Board of the Governors shall be from Russia, the first Chairman of the Board of Directors shall be from Brazil, and the first President - from India.

The bank's authorized capital will be $100 billion, allocated capital - $50 billion, paid-up capital - $10 billion (callable capital - $40 billion). Paid-up capital will be formed within seven years. The capital is distributed proportionately among the participants of the bank. Russia's share is $2 billion.

In early February 2015 Siluanov said that the first meeting of the Board of Directors of New Development Bank of BRICS will be held in Ufa in July.

As previously reported by TASS, the agreement on the establishment of New Development Bank of BRICS was signed in Brazil in July 2014. The founders will be Russia, Brazil, India, China and South Africa. The document must be ratified by the parliaments. The appropriate draft law was introduced in the State Duma in early February.

Previously Finance Minister Anton Siluanov did not rule out that Russia would ratify the agreement on the New Development Bank of BRICS in February - early March 2015.

First published in Russian by TASS.

All rights reserved by Rossiyskaya Gazeta.

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