BRICS bank to be operational by end of 2015
The Dollar Business Bureau The Five-member BRICS (Brazil, Russia, India, China and South Africa) group is likely to have its own development bank by the end of this year. A statement in this regard was made by one of the BRICS countries on Saturday. “The New Development Bank (NDB) is expected to be operational by end of 2015,” said Finance Minister of South Africa, as he also announced the nomination of South African banker Leslie Maasdorp as vice-president of the bank. The NDB is expected to have about $100 million in capital and inaugural meeting of the board of governors of the new bank is all set to be held in Moscow on July 7. It is noteworthy here to mention ...
