Brazil: BRICS Countries Reach Agreement Over Development Bank

July 15, 2014 | 1908 GMT
An agreement between BRICS countries over leadership and location of the development bank was made July 15, Estadao reported. India will hold the first presidency of the bank while China will host the bank’s headquarters. The first regional office will be in South Africa, Brazil will head the presidency of the bank’s board of directors and Russia will preside over the council of central bank governors. The bank’s presidency is due to rotate every 5 years and will have an initial capital of $50 billion, with another $100 billion contingent reserve arrangement created to help deal with the international market volatility.