Russia to contribute $2 billion to BRICS bank capital

Russia's contribution to the capital of the BRICS Development Bank will amount to $2 billion, Russian Finance Minister Anton Siluanov said.

Russia's contribution to the capital of the BRICS Development Bank will amount to $2 billion, Russian Finance Minister Anton Siluanov said.

"Russia today is taking up chairmanship of BRICS, the organization bringing together such countries as Brazil, Russia, India, China, and South Africa," Russian President Vladimir Putin said at a meeting with government members on Wednesday.

Putin asked Siluanov to outline priorities of Russia's chairmanship of BRICS.

Siluanov said a BRICS summit will take place in Ufa in July and that a Russian representative will serve as the first board chairman of the BRICS Development Bank.

"The nascent institution will be one of the major multilateral development banks. Its authorized capital is $100 billion and paid-up capital $10 billion. Each country will hold equal shares - 20 percent - in the bank's capital. The Russian budget expenditures envision a contribution to the bank's capital both this year and in the upcoming years. Our share is $2 billion," Siluanov said.

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